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    Planning for aircraft repossession and recovery
    2012-04-25

    Introduction
    Airport and air navigation charges
    EU Emissions Trading Scheme EU Emissions Trading Scheme
    Comment


    Introduction

    Filed under:
    United Kingdom, Aviation, Insolvency & Restructuring, Vedder Price PC, Airport, EU Emission Trading Scheme
    Authors:
    Gavin Hill , John Pearson
    Location:
    United Kingdom
    Firm:
    Vedder Price PC
    Practical implications of the Supreme Court's client money decision
    2012-04-26

    In its recent decision in Lehman Brothers International (Europe) (in administration)1  the Supreme Court resolves the uncertainty where a regulated firm does not properly segregate client monies. The decision has a number of practical implications, not only for the administration of Lehman Brothers International (Europe) (LBIE) but also for the way client monies are held by institutions.  

    Background

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Wedlake Bell, Lehman Brothers, FSA, Supreme Court of the United States
    Authors:
    Edward Starling
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Supreme Court upholds the decision of the Court of Appeal in Lehman Brothers client money application
    2012-04-26

    On 29 February 2012, the Supreme Court handed down its decision In the matter of Lehman Brothers International (Europe) (In Administration) and In the matter of the Insolvency Act 1986. The appeal addressed the meaning and application of Chapter 7 of the Client Assets Sourcebook (CASS 7) issued by the FSA for the safeguarding and  distributing of client money in implementation of the Markets in Financial Instruments Directive 2004/39/EC.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Lehman Brothers, Insolvency Act 1986 (UK)
    Authors:
    Neil Mirchandani , Rebecca Huntsman
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Financial Institutions E-briefing: FOS upholds two Keydata complaints
    2012-04-30

    FOS upholds two Keydata complaints against IFAs but concludes that compensation should only be paid in one

    The Financial Ombudsman Service ("FOS") has provisionally upheld two complaints made by Mr W and Mr and Mrs K against IFAs who recommended that they invest in the Keydata Bonds in 2005. FOS found that the products presented a greater risk than the investors were willing to take. Interestingly, however, compensation has only been offered to Mr and Mrs K.

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Insurance, Litigation, Eversheds Sutherland (International) LLP, Solicitor, Life insurance
    Authors:
    Claire Carroll
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    Guidance on re-use of a company name after liquidation
    2012-04-04

    The Insolvency Service has recently published a helpful guide about the restrictions on the re-use of a name previously used by a company, which has gone into liquidation. Directors of companies in insolvent liquidation need to take special care, as the restriction applies to them personally and contravention is a criminal offence. The restriction lasts for five years from the date of liquidation and, save in limited circumstances, a director is not allowed to be a director of or take part in the promotion, formation or management of a limited company that uses a "prohibited name".

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Mills & Reeve LLP, Liquidation
    Authors:
    Tracey Atkins
    Location:
    United Kingdom
    Firm:
    Mills & Reeve LLP
    Pre-administration rents - disappointment for landlords
    2012-04-05

    Landlords have lost round two in the ongoing battle as to whether rent should be paid as an expense of the administration. The decision of the Court last week in the X-Leisure / Luminar case was in favour of administrators.

    Following the Goldacre case, if an administrator is using the property for the purposes of the administration on the quarter day then the full quarter’s rent is payable as an expense of the administration.  What was not clear, was whether if the administrator was appointed just after the quarter day rent was payable as an expense. 

    Filed under:
    United Kingdom, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Authors:
    Danielle Drummond-Brassington
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Nowhere to hide: debtor’s pension available to creditors and trustees in bankruptcy
    2012-04-10

    Raithatha v Williamson (4 April 2012) and Blight and others v Brewster (9 February 2012)

    Most pension schemes give the beneficiary an option as to when to start to draw the pension, and whether or not to draw a tax free lump sum. These two cases confirm that a trustee in bankruptcy and a judgment creditor are each entitled to compel a debtor to draw the maximum permitted by the scheme rules, so that the monies realised as a result are available to pay the debt.  

    Pension schemes and bankruptcy

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Kennedys Law LLP, Bankruptcy, Debtor, Debt
    Authors:
    Steven Fennell , John Harvey , Michael McCarthy , Dino Paganuzzi
    Location:
    United Kingdom
    Firm:
    Kennedys Law LLP
    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 offerings
    Authors:
    Alan Jarvis , Elmer Doonan , Andrew Patten , Harriet Fletcher
    Location:
    United Kingdom
    Firm:
    Dentons
    Healthcare legal update: justifying discrimination on costs grounds
    2012-04-11

    The Court of Appeal has recently published its decision in the case of Woodcock v Cumbria PCT. This case has attracted a significant amount of attention in the media as the case looks at the extent to which employers can rely on cost considerations to justify discrimination. Although the case does not break new ground, it does show that economic factors can be taken into consideration by employers in some cases.

    Background

    Filed under:
    United Kingdom, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Eversheds Sutherland (International) LLP, Discrimination
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    English Court of Appeal interprets the ISDA Master Agreement
    2012-04-12

    Last week the Court of Appeal of England and Wales handed down its decision in four appeals which raise a number of questions of construction in relation to derivatives in the form of interest rate swaps and forward freight agreements documented under the International Swaps and Derivatives Association Inc. Master Agreement (the “ISDA Master Agreement”).1 In particular, the decision focuses on the interpretation of section 2(a)(iii) of the ISDA Master Agreement.

    Key Points

    Filed under:
    United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Condition precedent, Swap (finance), Default (finance), Court of Appeal of England & Wales
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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