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United Kingdom: Pensions - Corporate Governance and Insolvency Act 2020 comes into force

In brief

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Baker McKenzie, Corporate governance, Coronavirus, UK House of Commons
COVID-19: A UK Pensions Checklist for Employers and Trustees

These key action points take into account the UK Pensions Regulator's recent statement on COVID-19. Trustees and employers should continue to monitor further updates from the Regulator.

Defined benefit (DB) arrangements

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Baker McKenzie, Coronavirus
Sixth Circuit rules in favor of bank and resolves conflict among bankruptcy courts concerning whether the arrearage amount on mortgages includes fees and costs permitted by the contract terms and non-bankruptcy law

Deutsche Bank held an under-secured home mortgage from a Chapter 13 debtor. The debtor was in arrears, but wanted to retain possession and control of her home. Thus, in her Chapter 13 plan, the debtor proposed to cure the arrearage, as required by 11 U.S.C. § 1322(e). The problem, however, was that the parties could not agree on the arrearage amount.

USA, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Costs in English law, Debtor, Collateral (finance), Statutory interpretation, Federal Reporter, Mortgage loan, Attorney's fee, US Congress, Deutsche Bank, Westlaw, US Code, United States bankruptcy court, Sixth Circuit