Fulltext Search
What is Changing in the Pensions Insolvency World? Introducing the Corporate Insolvency and Governance Act 2020

The Corporate Insolvency and Governance Act 2020 is far-reaching with its implications extending to pension schemes. Pension scheme employers and trustees should ensure that they are familiar with the provisions of the Act, and the potential impact that they could have on schemes, employers and savers.

Introduction

The Act received royal assent on Thursday 25 June. The Act passed through Parliament very quickly, so that its provisions can be used by companies experiencing financial difficulty as a result of the COVID-19 pandemic. The Act contains:

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Corporate governance, Coronavirus, Pension Protection Fund
The UK Corporate Insolvency and Governance Act 2020 (“CIGA”) from a Pensions Perspective

On 25 June 2020, the Corporate Insolvency and Governance Bill (the “Bill”) received Royal Assent and on 26 June 2020 CIGA came into force. The restructuring team in Mayer Brown’s London office has previously commented on the different elements of the Bill in a series of blog posts and podcasts.

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Mayer Brown, Coronavirus, Pension Protection Fund
Pension protection fund changes following Olympic Airlines case

The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up  protecting no one other than the beneficiaries of the Olympic Airlines pension scheme. 

The issue

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Department for Work and Pensions (UK), Pension Protection Fund
Pension Protection Fund changes following Olympic Airlines case

The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension &Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up protecting no one other than the beneficiaries of the Olympic Airlines pension scheme.

The issue

European Union, Greece, United Kingdom, Aviation, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Department for Work and Pensions (UK), Pension Protection Fund, Pensions Act 2004 (UK)
Middle East briefing

Arbitration and insolvency law in Dubai - is there a link?

Try to imagine a legal system without an effective insolvency law, as in Dubai. How would creditors recover their entitlements? Does it lead to more arbitration activity? Does it explain why the Dubai International Arbitration Centre had over 300 new cases last year and why arbitration is increasingly used?

Insolvency law - is it really necessary?

United Arab Emirates, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Debt, Liability (financial accounting)
Arbitration and insolvency law in Dubai— is there a link?

Dubai currently has no effective insolvency law. Try to imagine it: How would creditors recover their entitlements? Does it lead to more arbitration activity? Does it explain why the Dubai International Arbitration Centre received more than 300 new cases last year and why arbitration is increasingly used?

Insolvency Law—Is It Necessary?

United Arab Emirates, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Margin (finance), Debt, Liability (financial accounting), Intangible asset, International Bar Association