Nortel/Lehman: Supreme Court rules on how the pensions regulator’s moral hazard powers apply against a company in insolvency

 

Snapshot

The Supreme Court handed down its long-awaited judgment today in the Nortel/Lehman case on where a contribution notice (CN) or financial support direction (FSD) issued by the Pensions Regulator (TPR) on a company that is already in insolvency proceedings (eg administration) ranks in the order of priority of payment.

Filed under:
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Debt, The Pensions Regulator, SCOTUS
Authors:
David Pollard , Anne Sharp , Katharina Crinson , Lindsay McLeod
Location:
United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
Olympic Airlines: starting UK insolvency proceedings against a company already in insolvency in another member state.

 Summary

The Court of Appeal’s judgment in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643 has clarified what is required to fall within the definition of an ‘establishment’ for the purposes of the EC Insolvency Regulation (the Insolvency Regulation).

Filed under:
European Union, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Pension Protection Fund, Pensions Act 2004 (UK), Court of Appeal of England & Wales
Authors:
Richard Tett , David Pollard , Katharina Crinson
Location:
European Union, United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP