The Court of Appeal has confirmed that where the Pensions Regulator (Regulator) exercises its anti-avoidance powers against a company during insolvency, the liability ranks as an expense in the insolvency process. The 14 October 2011 judgment, in a case involving the Nortel and Lehman Brothers groups, upheld the High Court's landmark decision of last year.
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Eversheds Sutherland (International) LLP, Unsecured debt, Debt, Liability (financial accounting), Defined benefit pension plan, The Pensions Regulator (UK), Lehman Brothers, Pensions Act 2004 (UK), Court of Appeal of England & Wales, High Court of Justice (England & Wales)