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    US court considers Pensions Regulator's powers
    2008-11-06

    The US Court has approved a bankruptcy settlement under which a US-listed parent company is liable for the buy-out deficits in its UK subsidiary's pension schemes. Key to the court's considerations was the issue of Financial Support Directions (FSDs) by the UK Pensions Regulator against the US parent company.

    The court decided that:

    Filed under:
    United Kingdom, USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debt, Parent company, Buyout, The Pensions Regulator
    Location:
    United Kingdom, USA
    Firm:
    Dentons
    Effect of a debtor’s pension plan liabilities and pension plan deficit on its secured lenders
    2008-10-14

    Prudent lenders should monitor their corporate debtors’ pension plan liabilities and pension plan deficits because they may have a significant impact on the priority of the lender’s security and on the amount the lender will recover if the lender enforces its security.

    Priority with respect to Lender’s Security

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Trade union, Debt, Liability (financial accounting), Liquidation, Defined benefit pension plan, Bankruptcy and Insolvency Act 1985 (Canada), Bank Act 1991 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    The Oman Update - Official Gazette 1199
    2017-06-18

    Ministerial Decisions

    Issuing the Executive Regulations of Sultani Decree No. 31/96 on determining the rules for investing the funds of the Public Authority for Social Insurance and pension funds.

    A list of the state pension funds to which these regulations apply is given in Article 2 of this decision.

    Issued on 13 June 2017. Effective from the day after the publication date.

    Issuing the licensing and working system at the site of the customs territory in the Special Economic Zone at Duqm.

    Filed under:
    Oman, Employee Benefits & Pensions, Insolvency & Restructuring, Trade & Customs, Trademarks, Dentons
    Authors:
    Nick Simpson
    Location:
    Oman
    Firm:
    Dentons
    Pension Benefit Guaranty Corporation issues proposed rule clarifying implementation of Section 404 which treats bankruptcy filing date as "plan termination date" for certain purposes
    2008-07-17

    Bankruptcy practitioners and plan beneficiaries should take note of a little-known ERISA amendment that impacts bankruptcy cases filed on or after September 16, 2006. On June 30, 2008, the Pension Benefit Guaranty Corporation (the "PBGC") released a proposed rule clarifying how Section 404 ("Section 404") of the Pension Protection Act of 2006 (the "PPA") will be implemented. Section 404 amends Title IV of ERISA in certain key respects.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Debtor, Trade union, Beneficiary, Liability (financial accounting), Sponsor (commercial), Pension Benefit Guaranty Corporation
    Location:
    USA
    Firm:
    Dentons
    Saudi Arabia Update - May 2017
    2017-05-31

    Legal Developments

    Potential hourly wage system

    The Ministry of Labor and Social Development (MOL) is discussing a potential new employment system for Saudi employees named “Flexible Work” (Flexible Work). Flexible Work will be a system whereby an employee may be paid an hourly wage on a weekly basis in arrears, and various entitlements currently required under the Labor Law for conventional employees would not be required, such as:

    Filed under:
    Saudi Arabia, Capital Markets, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Dentons, Bankruptcy, Employment contract
    Location:
    Saudi Arabia
    Firm:
    Dentons
    The Nortel and Lehman Brothers companies
    2013-07-31

    Background

    Under the Pensions Act 2004 the Pensions Regulator (tPR) has the power to impose a financial support direction (FSD) requiring a company “connected or associated” with the sponsoring employer of a UK pension fund to provide financial support to the pension fund. To date tPR has used the power in insolvencies.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Pensions Act 2004 (UK), The Pensions Regulator, Lehman Brothers
    Authors:
    Jay Doraisamy
    Location:
    United Kingdom
    Firm:
    Dentons
    Obligations to pensioners in an insolvency: Supreme Court clarifies the law
    2013-02-01

    The Supreme Court of Canada overturned the Ontario Court of Appeal today in what is one of the most highly-anticipated cases for the pension and insolvency bars pending before the courts. In Indalex (Re) 2013 SCC 6, the court provided clarity regarding some key questions relating to the governance of an employer-administered pension plan during a proceeding under the Companies’ Creditors Arrangement Act (CCAA). The judges split on some of the issues, but here is our brief round-up:

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Fiduciary, Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Dentons
    UK pensions: summer round-up
    2012-09-11

    This summer has seen several pension issues making the news. They show how essential it is for employers and trustees to keep abreast of how developments impact on their arrangements.

    Jay Doraisamy looks at five areas which have made the headlines this summer:

    Filed under:
    United Kingdom, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, Dentons
    Authors:
    Elmer Doonan , Jay Doraisamy , Alan Jarvis , Andrew Patten
    Location:
    United Kingdom
    Firm:
    Dentons
    Bankruptcy: when can creditors access pension funds?
    2012-04-11

    The High Court has recently considered whether a bankrupt individual of pensionable age can be forced to draw his pension to pay his creditors.

    Raithatha v. Williamson [2012] EWHC 909 (Ch)

    Background

    A bankruptcy order was made against Mr Raithatha on 9 November 2010. Mr Raithatha's trustee in bankruptcy applied for an income payments order (IPO) against Mr Raithatha's pension shortly before he was due to be discharged from bankruptcy. Mr Raithatha was then aged 59 and his pension scheme allowed him to draw a pension from age 55.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Initial public offering
    Authors:
    Alan Jarvis , Elmer Doonan , Andrew Patten , Harriet Fletcher
    Location:
    United Kingdom
    Firm:
    Dentons
    Employer debt – timing the calculation
    2012-03-26

    Pension scheme assets can rise and fall. So can liabilities. The timing of the section 75 debt calculation is, therefore, critically important to the ability of the scheme to meet its liabilities.

    So when should trustees calculate their section 75 debt? Can they use one date to calculate scheme assets and choose a different date to calculate the cost of buying out the scheme’s liabilities?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Liability (financial accounting)
    Authors:
    Alan Jarvis , Elmer Doonan , Andrew Patten , Harriet Fletcher
    Location:
    United Kingdom
    Firm:
    Dentons

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