Clearing and Netting Legislation

Summary

Since April 2005, the UK Pensions Regulator (the Regulator) has had the power to take action, in the form of financial support directions (FSDs) or contribution notices (CNs), against parties that are "connected or associated" with a company that operates a UK defined benefit pension plan. This will typically include all entities in the same group as the employer.

Summary

In one of the most eagerly awaited appeals to affect the restructuring and insolvency community since MyTravel, the Court of Appeal in the European Directories case ruled on Friday 22 October that:

Does the German restructuring clause of Sec. 8c para. 1a CTA (see our Client Alert of 10 July 2009) conform to European Community law? This will be analyzed by the European Commission which has — by circular of 24 February — announced the initiation of a formal examination procedure (Art. 108 para. 2 TFEU, former Art. 88 para. 2 of the EC Treaty). Already before completion of the formal procedure, corporations with unrestricted and restricted tax liability in Germany may face farreaching consequences.

A. The Restructuring Clause of Sec. 8c para. 1a CTA

Introduction

On 13 December 2009, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai, issued Decree No. 57 for 2009 Establishing a Tribunal to Decide Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (Decree No. 57). The text of Decree No. 57 is available at http://www.difccourts.ae.

Why Issue Decree No. 57?

On December 13, 2009, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai, issued Decree No. 57 for 2009 Establishing a Tribunal to Decide Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (Decree No. 57).1 The text of Decree No. 57 is available at http://www.difccourts.ae.