Introduction
Immoveable property
Application for recognition
Consultation with viscount
Letter of request
Issuing representation
Alternative orders
Timescale
Introduction
In the current COVID-19 environment it is likely that there will be more businesses becoming insolvent. Some of those businesses will have an interest in Jersey property. For example as owners of Jersey property or holders of a lease of retail premises situated in the Island. The business may also have locally employed employees to consider.
On June 6, 2016, the Pension Benefit Guaranty Corporation (“PBGC”) issued a new proposed rule clarifying the agency’s authority to facilitate the merger of multiemployer pension plans. The rule would implement some of the statutory changes made by the Multiemployer Pension Reform Act of 2014 (“MPRA”).
Background
In a decision that comes as welcome news to some employers, the Ninth Circuit Court of Appeals recently ruled that an employer that incurred withdrawal liability to a multiemployer pension plan had not become a plan fiduciary by failing to pay the withdrawal liability, and could discharge that liability in bankruptcy.