The UK Supreme Court, which is the UK's highest court, has handed down its long-awaited decision in Belmont Park Investments Pty Limited v BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc [2011] UKSC 38, in which the Court considered the validity and enforceability of so-called "flip" clauses under English bankruptcy law.

In relation to the Great Lakes UK Limited Pension Plan a settlement was again reached before a full hearing with the Determination Panel could take place as reported by tPR on 13 July 2011.

The Pensions Regulator announced this week that it will not  pursue action to impose a Financial Support Direction against US company, Chemtura Corporation and members of its group after a funding settlement, involving the payment of expedited contributions to the pension scheme of its UK subsidiary, was reached with the scheme's trustees.

The Pensions Regulator (TPR) has announced that it has withdrawn moral hazard proceedings against Chemtura Manufacturing UK Limited and its US parent, Chemtura Corporation. This follows an agreement being reached by Chemtura with the trustees of the Great Lakes UK Limited Pension Plan (the Plan) over its funding package.

The case of White v Davenham Trust Ltd, has reaffirmed that a creditor can choose its own method of enforcing a debt which has been guaranteed even where it might hold security for that debt.

Nicola Jane Haworth (Bankrupt) v (1) Donna Cartmel (Trustee in Bankruptcy of Nicola Jane Haworth) (2) The Commissioners for HM Revenue & Customs

Case No. 3496 of 2009 in the High Court of Justice, Chancery Division, Manchester District Registry

Summary

In a judgment issued in test cases, OTG Ltd v Barke and others, the EAT held that administration proceedings are not capable of coming within the insolvency exception to the normal business transfers rule.

The court has a limited discretion not to make a bankruptcy order where the debt is the subject of a statutory demand which has not been paid and is outstanding at the time of the bankruptcy petition hearing.

This was conclusion of the Court in the case of Nicola Jane Haworth v Donna Cartmel and Revenue & Customs Commissioners. The case was an application by Ms Haworth to annul or rescind a bankruptcy order on the grounds that she lacked capacity when a statutory demand and bankruptcy petition were served on her personally.

With effect from 6 April 2011, the London Insolvency District (General London County Court) Order 2011 gives the Central London County Court jurisdiction over bankruptcy cases where the bankrupt resides, or carries on business, in the London insolvency district. The High Court used to have jurisdiction over all London's bankruptcy cases.