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").
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Debt, The Pensions Regulator (UK), Lehman Brothers, Pensions Act 2004 (UK), Supreme Court of the United States
The Pensions Regulator (the “Regulator”) has published a statement setting out its approach to the issuing of financial support directions (“FSDs”) in insolvency situations. The statement is designed to calm fears following the decision in the joined Nortel and Lehman cases that the “super priority” of FSDs could have a negative impact on the corporate rescue and lending industries.
Background
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Defined benefit pension plan, The Pensions Regulator (UK), Lehman Brothers