Disputed section 75 debt claim: BESTrustees Plc v Kaupthing Singer & Friedlander

In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees. It concluded that it should not be, allowing the trustees to receive more than the section 75 debt into the scheme, although this did not result in any surplus.

BESTrustees acted as trustee of the Singer & Friedlander Ltd Pension and Assurance Scheme, which was an occupational defined-benefit pension scheme of which Kaupthing Singer & Friedlander (KSF) was the employer.

In 2008, when KSF got into financial difficulties, the Financial Services Authority (as it was then) required KSF to open a segregated trust account for depositors included the scheme. The trustee deposited £2m for the credit of its account with KSF. Shortly thereafter, KSF went into administration…

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