Private wealth structures are not immune from insolvency. Here we examine the Jersey and Guernsey position from the trustee's perspective and consider the issues with which a trustee needs to be familiar.
Test for insolvency
Why has the Financial Support Direction (FSD) been issued?
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Gowling WLG, Share (finance), Legal personality, Unsecured debt, Interest, Market liquidity, Debt, Transfer pricing, Holding company, Subsidiary, Bénéfice
Independent Trustee Services Ltd (the trustee) was the sole trustee of the Ilford Pension Scheme (the Scheme), which was underfunded when the sponsoring employer went into administration in 2004. There was a proposal that the trustee should buy out certain benefits for members of the Scheme, for whom no Pension Protection Fund (PPF) compensation would be available, before the Scheme entered an assessment period.
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Gowling WLG, Debt, Sponsor (commercial), Pension Protection Fund, Trustee