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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.

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Debt, The Pensions Regulator (UK), Supreme Court of the United States
First major PPSA decision - perfection is key!

Dispute is one of priority, not ownership.

The first judgment regarding a major Personal Property Securities Act ("PPSA") priority dispute between a bank with a perfected "General Security Agreement" and an equipment owner with an unperfected "PPS Lease" has been handed down.

The decision in Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors  highlights three key issues for the insolvency industry:

Australia, Banking, Insolvency & Restructuring, Litigation, Baker McKenzie
Time extensions for voidable transaction proceedings, and the commissioner for taxation

The importance of notifications to potential defendants and directors of the insolvent company

The decision in Re Octaviar Administration Pty Ltd (in liq) [2013] NSWSC 786 highlights two key issues for insolvency practitioners:

Australia, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, Liquidation