Originally Posted by
BNEA320
Think all leases have ended now, (since admin). Can anyone confirm.
Leases still active. From the affidavit:
67. Due to:
(a) the very large number of the Leases;
(b) the number of counterparties to the Leases;
(c) the significant liabilities associated with certain of the Leases;
(d) ongoing uncertainty as to the precise nature of the property that is the subject of the Leases and the obligations associated with the Leases;
(e) the number of companies of the Virgin Group that are in administration; and
(f) the practical issues arising in relation to the conduct of the Administration as a result of COVID-19,
reaching a determination as to the future status of the Leases and identifying any further arrangements that may be relevant has been since their appointment, and will continue to be, a very significant task for the Administrators,.
68. At present, the Administrators have been unable (and will, before 28 April 2020, not have been able) to form a view as to whether it is necessary or desirable, in the interests of preserving the value of the Business, to exercise rights over the Leases
They have been given one month before lease liability transfers to the administrator.