It is timely, with further reform of the new Indian Bankruptcy Code (IBC) in prospect, to outline our thoughts on some of the current issues on which various market participants have requested an understanding of the approach and learnings of overseas practitioners.
ENGLAND AND WALES PREVIEW OF 2018 January 2018 LEGAL GUIDE HERBERT SMITH FREEHILLS 01 page CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02 Brexit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Competition, Regulation and Trade . . . . . . . . . . . . . . . . . . 05 Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Dispute Resolution . . . . . . . .
Pensions in Restructuring Survey Report
January 2021
2020 might provide answers to many political and economic issues, but it is not possible to see with perfect vision what the future holds for pensions in restructuring matters.
That was part of the conclusion to the
report on Taylor Wessing's previous
Pensions in Restructuring Survey; with
hindsight, 2020 brought few answers
and posed many questions.
Pensions In Restructuring Survey Report
Welcome to the results of Taylor Wessing's fifth annual Pensions in Restructuring Survey
The lender's dilemma
Lenders who take security over shares in an English company have to decide whether to take either:
- a legal mortgage by becoming registered owner of the shares
- an equitable mortgage or charge with the chargor remaining the registered owner.
A legal mortgage gives the lender the right to vote subject to the terms of the mortgage document and prevents the chargor from disposing of legal title to the shares to a third party, as the lender is the registered owner of the shares.
Das BAG begehrt in seiner Vorlage an den EuGH vom 16.10.2018 (Az.: 3 AZR 139/17) die Klärung der Frage, in welchem Rahmen der Erwerber eines Betriebs aus der Insolvenz des Veräußerers für Betriebsrenten gemäß § 613a BGB übergegangener Arbeitnehmer haften muss und ob seine bislang praktizierte erwerberfreundliche teleologische Reduktion des § 613a Abs. 1 BGB in diesem Zusammenhang unionsrechtskonform ist.
I. Einleitung
Welcome to the results of our third annual Pensions in Restructuring Survey.
This year's survey gathers views on the issues with pensions in corporate restructuring, with a particular focus on the points arising from the Department for Work and Pensions' recent white paper, "Protecting Defined Benefit Pension Schemes".
In January and February of 2012, Justice Morawetz of the Ontario Superior Court of Justice (Commercial List) released two decisions1 in which he authorized a debtor-in-possession (“DIP”) financing charge, an administration charge, and a directors and officers (“D&O”) charge ranking ahead of, among other claims, possible pension deemed trusts over the objection of the debtor companies’ unions and on notice to the members of the companies’ pension administration committees.
On April 7, 2011, the Ontario Court of Appeal released its judgment in theRe Indalex Limited case (Indalex).1 The decision addresses the interplay between the deemed trust provision in the Ontario Pension and Benefits Act (PBA)2 and the federal Companies’ Creditors Arrangement Act (CCAA),3 as well as the fiduciary duties of pension plan administrators in CCAA proceedings. Indalex is important for pension plan sponsors and administrators for a number of reasons:
On April 7, 2011, in the context of a liquidating CCAA that achieved a going concern sale of the debtor’s business, the Ontario Court of Appeal held that:
This article was originally published in Law360. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors' opinions only.
In Pension Benefit Guaranty Corp. v. 50509 Marine LLC et al.[1] the U.S. Court of Appeals for the Eleventh Circuit held that the Pension Benefit Guaranty Corp. can recover an employer's defined benefit pension plan termination liability--often millions of dollars--from controlled group members that did not even exist when the contributing employer liquidated years earlier.[2]