Supreme Court ruling: pension financial support directions rank as ordinary debts
The Supreme Court handed down its judgment in the Lehman and Nortel pension appeal cases on 24 July 2013.
The decision is important in confirming where a statutory liability to provide financial support to a pension scheme pursuant to a financial support direction (FSD) or a contribution notice (CN) will rank on that company’s insolvency.
Prior to the Supreme Court’s decision, an FSD/CN liability that arose after an insolvency event could be treated as an ‘expense’ of the insolvency (and therefore paid out in priority to the administrator’s own expenses and both floating charge and unsecured creditors)…
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