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    Occupational Pensions: Federal Labour Court confirms its established ruling on limited liability in case of acquiring a company out of insolvency
    2021-02-22

    By judgment of 26 January 2021 (docket number: 3 AZR 878/16, 3 AZR 878/17) the Federal Labour Court (Bundesarbeitsgericht – BAG) has ruled that the acquirer of an insolvent company is only liable for vested entitlements and claims to occupational pension that had been earned after the opening of insolvency proceedings. He is not liable for the pension based on periods before, even if the German Insolvency Protection Fund (PSV) does not fully cover this part of the pension.

    Facts / Background:

    Filed under:
    Germany, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, DLA Piper
    Authors:
    Georg Haberkorn
    Location:
    Germany
    Firm:
    DLA Piper
    Second Circuit Affirms Mandatory Subordination of Employees’ Securities Claims
    2017-05-19

    Claims held by employees of a Chapter 11 debtor based on “restricted stock units (‘RSUs’) … must be subordinated [under Bankruptcy Code § 510(b)] to the claims of general creditors because … (i) RSUs are securities, (ii) the claimants acquired them in a purchase, and (iii) the claims for damages arise from those purchases or the asserted rescissions thereof,” held the U.S. Court of Appeals for the Second Circuit on May 4, 2017. In re Lehman Brothers Holdings, Inc., 2017 U.S. App. LEXIS 7920, *6 (2d Cir. May 4, 2017).

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Security (finance), Second Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Split Sixth Circuit Dismisses Appeal from Detroit’s Confirmed Plan
    2016-10-13

    “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).

    Filed under:
    USA, Michigan, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Sixth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Delaware bankruptcy court finds bonus plan was created in the ordinary course of business
    2012-07-14

    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.

    Filed under:
    USA, Delaware, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Memorandum opinion, United States bankruptcy court
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Don't let your plan become an orphan
    2012-01-24

    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.

    Filed under:
    USA, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Fox Rothschild LLP, Liquidation
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Introduction of financial measures in support of businesses facing the Covid-19 crisis
    2020-04-07

    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.

    Filed under:
    France, Banking, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Public, Real Estate, Tax, Trade & Customs, Hogan Lovells, Tax credit, Value added tax, Coronavirus, European Commission
    Location:
    France
    Firm:
    Hogan Lovells
    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
    2020-04-01

    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

    Filed under:
    Spain, Employee Benefits & Pensions, Employment & Labor, Insolvency & Restructuring, Hogan Lovells, Moratorium (law), Coronavirus
    Location:
    Spain
    Firm:
    Hogan Lovells
    Rocking the boat - Pension Schemes Bill proposals may risk destabilising future restructurings
    2020-01-27

    The Pension Schemes Bill [HL] 2019-20 (Bill) was re-introduced before Parliament on 7 January 2020. Among its proposed amendments to the Pensions Act 2004 (Act) are new criminal offences for failing to comply with a contribution notice, avoiding employer debt, conduct risking accrued scheme benefits, an expansion of the moral hazard powers and an extension of the ‘notifiable events’ framework. The Government’s stated intention is to “ensure that those who put pension schemes in jeopardy feel the full force of the law“.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Hogan Lovells, Defined benefit pension plan, Pension Protection Fund, Pensions Act 2004 (UK), The Pensions Regulator, House of Lords, Carillion
    Authors:
    Joe Bannister , Camilla Eliott Lockhart
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Kündigen in der Insolvenz - eine schwere Übung!
    2018-02-23

    Ein Insolvenzverwalter kann sich nach Anzeige der Masseunzulänglichkeit nicht auf die Wirksamkeit einer bereits ausgesprochenen Kündigung verlassen und das Ergebnis des Kündigungsschutzprozesses abwarten, sondern muss erneut kündigen, um die Entstehung von weiteren Ansprüchen des Arbeitnehmers als Neumasseverbindlichkeiten gemäß § 209 Abs. 2 Nr.

    Filed under:
    Germany, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Hogan Lovells
    Authors:
    Reimo Richarz
    Location:
    Germany
    Firm:
    Hogan Lovells
    No entry sign - PPF entry problems for schemes with overseas sponsors
    2016-09-06

    The Pension Protection Fund (PPF) is responsible for paying compensation to members of defined benefit occupational pension schemes where the scheme is in deficit on a PPF funding basis and the employer becomes insolvent. One of the criteria that must be satisfied by a scheme to enter the PPF is that the participating employer(s) suffer a "qualifying insolvency event" (QIE).

    Filed under:
    European Union, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Hogan Lovells
    Location:
    European Union, United Kingdom
    Firm:
    Hogan Lovells

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