The Pensions Regulator (TPR) has issued a statement on Regulated Apportionment Arrangements (RAAs) and employer insolvency.
Employers of multi-employer schemes can use a number of mechanisms under the Employer Debt Regulations 2005 to manage a debt triggered under section 75 of the Pensions Act 1995. Broadly, RAAs can be used in situations where a scheme has entered into a Pension Protection Fund (PPF) assessment period, or is likely to enter into such an assessment period. TPR must approve an RAA.
The Court of Appeal uses common law principles to allow direct enforcement.
The recent descision of BNY v Eurosail1 is an important modern descision on the blance sheet test for insolvency.
The US Bankruptcy Court has issued a declaratory judgment that the relevant clause flipping priority from the swap counterparty to the noteholders constituted an ipso facto provision and was therefore unenforceable – a judgment that produces a different result under US law to that established by the Court of Appeal in the Perpetual Trustee case from November 2009.
HM Treasury has published a consultation paper setting out tentative proposals for changes to resolution arrangements for investment banks.
The Court of Appeal handed down its decision on 6 November 2009 upholding the High Court decision that a scheme of arrangement is not an appropriate mechanism by which the administrators of Lehman Brothers International (Europe) (LBIE) can return assets to LBIE’s clients.
In a much anticipated judgment the Court of Appeal has clarified the position regarding the anti-deprivation rule.
Summary: A Supreme Court decision on 29 October 2009 has overturned the previous Court of Appeal ruling in relation to Sigma Finance (in administrative receivership) (Sigma).
The High Court in London has decided that a scheme of arrangement under the UK Companies Act 2006 cannot be used by the administration of Lehman Brothers International (Europe) (LBIE) to facilitate the return of client assets to LBIE clients.
DWP consults on amendments to the employer-debt regulations