Financial support directions and insolvency: the Pensions Regulator’s view
On 26 July 2012, the Pensions Regulator issued a statement on financial support directions (FSDs) with the intention of providing further guidance and comfort with regard to the circumstances in which it will issue an FSD after a company has been placed into administration. As readers may recall, the current legal position following the rulings in Lehman Brothers and Nortel Networks is that if an FSD is issued before a company goes into administration, it will rank as a general unsecured debt.
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For the past 10 months, the US Department of Justice and the Enforcement Division of the Securities and Exchange Commission have advised the public that they are in the process of drafting guidance for companies regarding the requirements of, and prohibitions within, the US Foreign Corrupt Practices Act.
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When a firm shouts loudly about a landmark merger, as SJ Berwin did when it joined forces with King & Wood Mallesons, departures are always likely to come under the spotlight.