The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.
Facts
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Holding company, Corporations Act 2001 (Australia), Federal Court of Australia
A federal court recently held that two investment funds are not jointly and severally liable for a bankrupt portfolio company’s withdrawal liability to a multiemployer pension plan disagreeing with a 2007 opinion by the Appeals Board of the Pension Benefit Guaranty Corporation (the “PBGC”). The Massachusetts U.S. District Court ruled there was no liability because the investment funds are not “trades or businesses” for purposes of ERISA’s joint and several liability rules.
USA, Massachusetts, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Investment funds, Joint and several liability, Pension Benefit Guaranty Corporation