The Court of Appeal has ordered a reference to the Court of Justice of the European Union (ECJ) in Grenville Holden Hampshire v the Board of the Pension Protection Fund which involves a pension scheme member, whose early retirement pension was reduced by two-thirds on the scheme's entry to the PPF, arguing that the statutory cap on compensation payable by the PPF does not give full effect to Article 8 of the EU Insolvency Directive.
The EU referendum outcome - to "Brexit" has divided the country. Whilst supporters of both the "Remain" and "Leave" campaigns continue to speculate on what might have happened had the result been different, or what will happen if, as or when Article 50 of the Lisbon Treaty is invoked, the only apparent certainty is that these are uncertain times for the UK. Unprecedented, uncertain times.
September 2016
Commercial Litigation
Can a conflicting email and attachment regarding settlement amount to an acceptance, or does it constitute a counter offer?
Summary
In an appeal from the County Court, regarding the forfeiture of a lease, the High Court confirmed that a purported acceptance of a settlement offer was actually a counter offer. In suggesting an alternative payment date, the company had made a counter offer which the other party had not accepted.
Background
We are currently still in a lot of unknown territory; so how will our exit from the EU affect Debts here in the UK, in Europe and in other countries?
Once the UK finalises the exit from the EU, any debts someone may have in the EU will fall into the category of similar non-EU debts in other countries, such as the United States. Whilst you can include those debts in a UK bankruptcy you are only afforded the protection from them in the UK.
Background
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).
1. POLICY UPDATE
1.1 Access to ARF option for holders of Buy-Out Bonds originating in DB Schemes
A change to the Revenue Commissioner's administrative procedures, effective from 22 June 2016, means that former defined benefit scheme members whose benefits were transferred to a buy-out bond may now access an Approved Retirement Fund ("ARF") rather than being restricted to the purchase of an annuity.
Az Európai Unió Bírósága közzétett végzésében megerősítette a korábbi gyakorlatát a székhelyét más államba áthelyező társaság fizetésképtelensége esetén irányadó joghatósági szabályokkal kapcsolatban. Bejegyzésünkben röviden áttekintjük az irányadó esetjogot, és azt, hogy ebben milyen változást fog hozni a 2017-től alkalmazandó új uniós jogszabály.
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Inhalt
I. Brexit what does it involve and when could it happen?............................................................ 3
II. Legal areas affected................................................................................................................... 5
1. Choice of law clauses in existing legal relationships and the law applicable to non-contractual
obligations........................................................................................................................... 5
This article was first published in Getting the Deal Through - Ship Finance: Updates and Trends and is reproduced with permission.
The terms of the UK’s withdrawal from the EU will inevitably dictate the extent to which Brexit impacts upon financial agreements. As this stage, it is important to consider the clauses which may have to be reviewed.