“Equitable mootness” prevented the U.S. Court of Appeals for the Sixth Circuit from “unravel[ing] the entire Plan, … forc[ing] the City [Detroit] back into emergency oversight, and requir[ing] a wholesale recreation of the vast and complex web of negotiated settlements and agreements.” In re City of Detroit, 2016 U.S. App. LEXIS 17774, *14, *17 (6th Cir. Oct. 3, 2016) (2-1).
On July 9, 2012, Judge Peter J. Walsh of the United States Bankruptcy Court for the District of Delaware issued a memorandum opinion (the "Opinion"), in the Blitz U.S.A. bankruptcy proceeding addressing whether an employee bonus plan is a transaction made in the ordinary course of business under 11 U.S.C.
When talking about mergers, acquisitions and maybe even liquidations, retirement plans can sometimes get lost in the shuffle. Asset purchases that result in the liquidation of the seller company, or acquisitions of assets by buyers, can create problems over legacy retirement plans. These "orphan" plans just don't disappear and they have to be dealt with properly.
The UK Supreme Court has recently overturned a much-criticised and controversial ruling of the Court of Appeal by finding an ambiguously worded advance payment bond effective in the case of insolvency. In doing so, it clarified the proper role and application of considerations of business common sense when interpreting commercial contracts. Where a clause is capable of two or more possible interpretations, Rainy Sky SA v Kookmin Bank held that the court should prefer the one which is most consistent with common business sense.
Proposals issued October 2010
Confirmation given 31 January 2011
Policy statement issued May 2011
Draft guidance on the bespoke measurement of investment risk issued May 2011. Consultation ends on 24 June 2011
Consultation on the 2012/13 levy determination expected in autumn 2011
The PPF has confirmed its intention to implement a new levy framework from 2012/13. Key features of the framework confirmed in the policy statement include:
The High Court has allowed an application for an order to enable access to a bankrupt’s pension to satisfy debts arising from fraud. Prior to the bankruptcy, judgment was obtained against him for £3.2m plus costs.
The Pensions Regulator's new powers: what lenders need to know Updated August 2021 Pension briefing Following the insolvencies of Carillion and BHS and the associated fallout for the pension schemes they sponsored, the Pensions Regulator (tPR) announced it was going to be “clearer, quicker and tougher”. The Pension Schemes Act 2021 (the Act) gives tPR significant new powers to intervene where the security of defined benefit (DB) pensions may be at risk.
Nach einer umwandlungsrechtlichen Spaltung haften die übertragende Gesellschaft und die übernehmende Gesellschaft gegenüber den Versorgungsberechtigten zehn Jahre lang als Gesamtschuldner für die Pensionsverpflichtungen. Wird eine der beteiligten Gesellschaften insolvent, hat der Pensions-Sicherungs-Verein (PSV) einen Anspruch gegen die andere beteiligte Gesellschaft, denn der Anspruch der Versorgungsberechtigten gegen die andere Gesellschaft aufgrund der Gesamtschuld geht auf ihn über.
Hogan Lovells Publications | 07 April 2020
Introduction of financial measures in support of businesses facing the Covid-19 crisis
Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.
Hogan Lovells Publications | 01 April 2020
Analysis of the Royal Decree-Law 11/2020 of 31 March, which adopts additional urgent measures in the social and economic field to address the COVID-19 crisis