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)…
If you are registered and logged in to the site, click on the link below to read the rest of the Nabarro briefing. If not, please register or sign in with your details below.
News from Nabarro
News from The Lawyer
Briefings from Nabarro
The Pensions Regulator’s financial support direction case against various companies in the Lehman Brothers group has settled.
This briefing summarises some of the key information has to be disclosed by website operators.
Analysis from The Lawyer
Nabarro senior partner and self-confessed “IT geek” Graham Stedman is heralding a major set of investments in technology ahead of the firm’s move to 125 London Wall this year.
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem