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    Insolvency practitioners could be personally liable to the tune of £1 million
    2019-10-28

    Dealing with pensions in insolvency can be challenging for insolvency practitioners (“IPs”) and the Pension Scheme Bill (“Bill”) presents another.

    Whilst a prudent insolvent practitioner should not be unduly alarmed, s114 of the Bill inserts a new section 80B into the Pensions Act 2004 which gives the Pensions Regulator (tPR) power to issue insolvency practitioners with a fine of up to £1 million.

    A significant amount, and payable personally!

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    The Pension Schemes Bill: What does it mean for you?
    2019-10-31

    The recently published Pension Schemes Bill provides for major extensions of the Pensions Regulator's powers, including the creation of new criminal offences which are very broad in scope and could potentially catch a wide range of people. Whilst the Bill is not set to become law this side of the general election, it seems likely that a future government will seek to enact the measures contained in the Bill, many of which are likely to command cross-party support. 

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Addleshaw Goddard LLP, Private equity
    Authors:
    Rachel Rawnsley , Jade Murray , Catherine McAllister , Rachel Uttley
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Share security - how to Box Clever with voting rights
    2019-09-12

    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.

    Filed under:
    United Kingdom, Banking, Company & Commercial, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Taylor Wessing
    Authors:
    Andrew Seager
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Arcadia Group CVAs: Given the green light
    2019-07-01

    On 12 June 2019, after a tense meeting with landlords and creditors, the company voluntary arrangements (CVAs) proposed by the Arcadia Group Ltd (Arcadia) were approved by the requisite majority of creditors, allowing the group to restructure its balance sheet and stave off, at least for the time being, a liquidation or administration proceeding.

    Arcadia's decline

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Real Estate, White & Case
    Authors:
    Ian Wallace , Chris Edgington
    Location:
    United Kingdom
    Firm:
    White & Case
    How to limit stress when your pension plan's employer is in distress
    2019-06-20

    Insolvency may seem an unlikely scenario for your pension plan's employer today and for the foreseeable future but the Pension Protection Fund (PPF) has recently published guidance recommending that defined benefit pension plan trustees should make contingency plans for employer insolvency "as with any sensible business continuity or disaster recovery planning".

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Womble Bond Dickinson (UK) LLP, HM Revenue and Customs (UK), Pension Protection Fund
    Authors:
    Jill McCartney , Ami-Jayne Browning
    Location:
    United Kingdom
    Firm:
    Womble Bond Dickinson (UK) LLP
    Insolvency and restructuring of employers - issues for trustees of defined benefit pension schemes
    2012-09-20

    HIGHLIGHTS

    The credit crunch caused problems for businesses at the same time as the value of pension scheme assets plunged, adding ballooning defined benefit pension deficits to the woes of struggling companies.

    Company insolvencies, and attempts at restructuring to avoid insolvencies, can have a significant impact on the pension schemes sponsored by those companies. The pensions issues can also act as a significant obstacle to restructuring.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Hogan Lovells, Defined benefit pension plan, Pension Protection Fund, Trustee
    Authors:
    Jane Samsworth , Katie Banks , Duncan Buchanan , Claire Southern
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Pensions Regulator issues statement to insolvency sector
    2012-08-29

    The Pensions Regulator (the "Regulator") has published a statement to help banking, insolvency and restructuring professionals understand its approach to its Financial Support Direction ("FSD") powers in insolvency situations.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Baker McKenzie, The Pensions Regulator (UK)
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    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 , Harriet Fletcher , Alan Jarvis , Andrew Patten
    Location:
    United Kingdom
    Firm:
    Dentons
    Financial support directions and insolvency: the regulator’s statement
    2012-07-26

    Financial support directions and insolvency: the Regulator's statement

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Eversheds Sutherland (International) LLP, The Pensions Regulator (UK)
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    FSDs and insolvency: new regulator statement
    2012-07-26

    The Pensions Regulator has today issued a Statement on its power to issue financial support directions (“FSDs”) against companies after an insolvency event has occurred. The Statement follows longstanding concerns of insolvency practitioners, which have arisen from ongoing court proceedings brought by the Lehman Brothers and Nortel administrators.

    Background

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, The Pensions Regulator (UK)
    Authors:
    Mark Grant
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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