German legislator finally introduces tax exemption for income resulting from debt waivers in restructuring scenarios with retroactive effect.

Pensions New (PN) has often had cause to ask himself what he knows.  A similar sort of question was frequently posed by the French essayist, Michel de Montaigne.  Montaigne lived between 1533 and 1592 and he answered this question over the course of a period of time during which he produced several volumes of great essays.  In those volumes, Montaigne covered many subjects however he never covered the subject of the occupational defined benefit pension scheme.  So far PN knows, this is the first article ever written about Montaigne’s relationshi

On 31 October 2018 the Supreme Court issued its Judgment in the appeal of Dooneen Ltd (t/a McGinness Associates) and another (Respondents) v Mond (Appellant) (Scotland) [2018] UKSC 54.

The appeal had been brought by Mr Mond who had sought to overturn the decision of the Inner House of the Court of Session (Dooneen Ltd & Others V Mond [2016] CSIH 59).

Factual background

Section 423 of the Insolvency Act 1986 continues to be a useful tool available to creditors for challenging transactions at an undervalue.

Section 423 gives the English court the power to set aside a transaction (most notably an asset disposal or a dividend) entered into by a debtor if the value of the consideration received by that debtor is significantly less than the value of the consideration the debtor provides to the other party to the transaction. Creditors ought to bear in mind this power when scrutinising a debtor’s previous actions.

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Italy, Singapore, and the United Kingdom and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.

Following the liquidation of BHS Ltd, the High Court was asked to consider whether a landlord could claim full rent as an administration expense following termination of the CVA.

Background

Wright and another (Liquidators of SHB Realisations Ltd) v The Prudential Assurance Company Ltd concerned three principal insolvency processes applicable to companies under the Insolvency Act 1986:

Possible application of Section 101(22)(A) to safe harbor’s covered entity requirement raises important questions for future transferee defendants.

Key Points:

• Merit Management raises the possibility that customers of “financial institutions” may qualify for protection under Section 546(e) safe harbor even if they would not otherwise meet Section 546(e)’s covered entity requirement.

• Treating customers of “financial institutions” as covered entities could broaden the scope of safe harbor.

The Court of Appeal has held that refusal of consent for both good and bad reasons will not automatically render that refusal unreasonable.

Background

Most commercial leases require tenants to obtain the consent of their landlord prior to assigning their lease. If so, the Landlord and Tenant Act 1988 (the Act) applies to say that if the tenant serves a valid application for consent, the landlord will be subject to the following duties:

The Pension Protection Fund (PPF) published new forms of contingent asset agreements in January along with new contingent asset guidance. It follows its publication of a final determination and levy policy statement in December for the levy year 2018/29.

Background

UK-based offshore and subsea oil & gas services company solidifies its position and completes ownership transfer to noteholders in major company milestone.