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
Briefings from Nabarro
The ABI has issued guidance on lock-up agreements, in particular in response to concerns over the extent to which lock-ups are waived during the lock-up periods.
Nabarro partner Martin McKervey shares his thoughts on unlocking export growth.
Analysis from The Lawyer
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem
Real estate continues to be the key money spinner for Nabarro, which has always been known for its work in the UK property market, (although) last year results were up across the firm. Google’s ...