In an unusual move the High Court recently wound up a credit union on its own motion. Despite some procedural irregularities with the winding up petition, it was felt that the exceptional facts of this particular case justified the measure.

The case concerned a credit union registered under the Industrial and Provident Societies Act

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.

The Supreme Court handed down its decision yesterday on the combined appeals of Nortel GmbH (In Administration) ("Nortel") and Lehman Brothers International (Europe) (In Administration) ("Lehman Brothers") (together, the "Appellants") against the Pensions Regulator ("tPR").

The UK’s Prudential Regulation Authority (PRA) has been developing its Early Warning Indicators (EWIs) for Solvency II internal model firms for more than a year.  From September 2013, it will expect these firms to:

Comment

The Supreme Court has handed down its highly anticipated judgment in the joint Nortel Networks/Lehman Brothers appeal.  The administrators of Nortel and Lehman Brothers entities had appealed against the Court of Appeal’s decision that Financial Support Directions (FSDs) issued by the Pensions Regulator (“the Regulator”) after the appointment of administrators attracted priority status as an administration expense.  Rejecting the decision of the lower courts, the Supreme Court ruled that an FSD issued during the course of an administration will rank as a provable debt rather than a

The Bank's Restructuring Proposal

On 6 June 2013, the Court of Appeal reversed the High Court’s decision in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA from May 2012.

Last month the Chancery Division of the High Court in Manchester considered a challenge to the continuing ap-pointment of LPA receivers in the case of (1) Jumani (2)Tariq v (1) Mortgage Express (2) Walker Singleton ([2013] EWHC 1571 (Ch)).

The UK High Court today took a crucial step towards resolving the difficult issue of when administrators must pay rent.