Financial support directions and insolvency: the Pensions Regulator’s view

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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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