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    US Bankruptcy Court backs FSDS in Sea Containers case
    2008-09-30

    The United States Bankruptcy Court for the District of Delaware has approved a settlement agreement between three Sea Containers companies, their unsecured creditors and the trustees of the two pension schemes belonging to the UK subsidiary Sea Containers Services Limited.

    Filed under:
    USA, Delaware, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Unsecured debt, Subsidiary, The Pensions Regulator, United States bankruptcy court, US District Court for District of Delaware, Trustee
    Location:
    USA
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Nortel/Lehman: Supreme Court rules on how the pensions regulator’s moral hazard powers apply against a company in insolvency
    2013-07-25

     

    Snapshot

    The Supreme Court handed down its long-awaited judgment today in the Nortel/Lehman case on where a contribution notice (CN) or financial support direction (FSD) issued by the Pensions Regulator (TPR) on a company that is already in insolvency proceedings (eg administration) ranks in the order of priority of payment.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Debt, The Pensions Regulator, SCOTUS
    Authors:
    David Pollard , Anne Sharp , Katharina Crinson , Lindsay McLeod
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    High Court gives independent trustee power to distribute the surplus on a scheme wind-up
    2008-09-30

    In Bridge Trustees Limited v Noel Penny, Judge Purle QC, sitting as an additional Judge of the High Court, held that the Court could use its inherent jurisdiction to permit an independent trustee to distribute surplus in a scheme that was winding-up. Under the Pensions Act 1995, an independent trustee is appointed to exercise powers otherwise conferred on the employer where an insolvency practitioner begins to act in relation to a company.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Costs in English law, Fiduciary, Liquidation, Capital punishment, Pensions Act 1995 (UK), High Court of Justice, Trustee
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Olympic Airlines pension scheme barred from entering the PPF
    2013-06-30

    On 6 June 2013, the Court of Appeal reversed the High Court’s decision in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA from May 2012.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Pensions Regulator statement on financial support directions and insolvency
    2012-08-06

    On 26 July, the Pensions Regulator (TPR) published a statment on financial support directions (FSDs) and insolvency, with the aim of helping 'the pensions and insolvency industries understand TPR's approach in relation to financial suppirt directions in insolvency situations.'

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, The Pensions Regulator
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Draft UK Pensions Regulator guidance on new criminal offences: impact for restructurings
    2021-03-24

    The Pensions Regulator (TPR) recently issued its draft guidance on its approach to investigating and prosecuting the new criminal offences under the Pension Schemes Act 2021. In this blog post, we share our thoughts on the level of comfort that might be gleaned in relation to criminal risk if the draft guidance were finalised in its current form, focusing on the particular concerns that would remain for restructuring activity.

    Background

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, The Pensions Regulator
    Authors:
    Catherine Balmond
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Nortel: not just bad news for banks
    2011-11-08

    The Court of Appeal decision in the Nortel case upheld the High Court ruling that FSD/CN liability is an expense of the administration and therefore ranks ahead of administrators' remuneration, floating charges and unsecured creditors. Much of the press coverage which has followed in the immediate aftermath seems to have assumed that the decision is a victory for "good" pensioners over the "bad" banks.

    Filed under:
    United Kingdom, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Unsecured debt, Debt, Defined benefit pension plan, Building society, Financial Services Compensation Scheme, Pension Protection Fund, The Pensions Regulator, SCOTUS, Court of Appeal of England & Wales, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Court rules that Detroit is eligible for Chapter 9 and that pensions may be impaired in Chapter 9
    2013-12-06

    On December 5, 2013, the U.S. Bankruptcy Court for the Eastern District of Michigan released its 143 page decision upholding the City of Detroit’s eligibility to be a debtor under chapter 9 of the United States Bankruptcy Code.  In re City of Detroit, Michigan, Case No. 13-53846 (Bankr. E.D. Mich. Dec.

    Filed under:
    USA, Michigan, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Constitutionality, Title 11 of the US Code, US District Court for Eastern District of Michigan
    Authors:
    Ingrid Bagby , Thomas Curtin , Mark C. Ellenberg , Howard R. Hawkins Jr. , Ivan Loncar , Lary Stromfeld
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Court rejects CalPERS’ efforts to lift stay in San Bernardino case
    2013-01-02

    In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift the automatic stay and require San Bernardino to pay pension obligations owed to the pension fund. In re City of San Bernardino, California, Case No. 12‑blk‑28006‑MJ , (Bankr. C.D. Cal. Dec. 21, 2012) (Docket No. 299).

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, CalPERS, US District Court for Central District of California
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    California dreaming? CalPERS seeks payment in full of all pension obligations during pendency of San Bernardino’s Chapter 9 case
    2012-12-10

    California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities.  Given this backdrop, the California Public Employees’ Retirement System (“CalPERS”) figures to play a prominent role in the resolution of many of these situations (in or out of bankruptcy).  Thus, the bond‑buying public will scrutinize closely any steps that CalPERS takes to protect its claims in the Bankruptcy Court.

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Public, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Title 11 of the US Code, CalPERS
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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