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    The Pensions Regulator appoints an independent trustee to protect a pension scheme in a proposed pre-packaged administration sale
    2009-04-30

    The Pensions Regulator (the Regulator) recently used its powers under the Pensions Act 1995 to appoint an independent trustee to the exclusion of all other trustees of the scheme. The employer was required to pay the fees and expenses relating to the appointment.

    The Regulator decided to use its powers because:

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Conflict of interest, Wage, Interest, Liability (financial accounting), The Pensions Regulator (UK), Pension Protection Fund, Pensions Act 1995 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    PPF good practice guide for trustees
    2009-02-26

    The PPF has issued a good practice guide for trustees of schemes with an insolvent employer, which is aimed at taking them through the assessment period effectively and efficiently and which takes into account the PPF's experience of the common issues experienced by trustees during an assessment period.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Nabarro LLP, Trustee
    Authors:
    Anne-Marie Winton
    Location:
    United Kingdom
    Firm:
    Nabarro LLP
    Clarity in settlement agreements required
    2009-03-23

    Where the entirety of a debt is not included in an agreement to settle, a creditor can continue to prove in a bankruptcy for the balance.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Interest, Consideration, Debt, Marriage, Bad faith, Insolvency Act 1986 (UK), Trustee
    Authors:
    Greg Standing , Ian Weatherall
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Intention is crucial
    2009-01-21

    The absence of an intention to put assets out of the reach of creditors will thwart applications under the Insolvency Act to set declarations of trust or transfers aside.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Gambling, Consideration, Debt, Divorce, Marriage, Beneficial ownership, Beneficial interest, Insolvency Act 1986 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    A balancing exercise
    2009-01-21

    Repossession of a bankrupt's property will be ordered unless there are exceptional circumstances making such an order inappropriate.

    In Brittain v Haghighat, the only asset in the bankrupt's estate was the family home. One of the bankrupt's children was severely disabled with quadriplegic cerebral palsy, requiring continuous care. The trustee applied for an order for possession under s336 and s337 Insolvency Act 1986.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Gowling WLG, Disability, Insolvency Act 1986 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Who is ‘connected’ or ‘associated’?
    2009-01-21

    Pensions and insolvency legislation uses the test in the Insolvency Act 1986 for assessing whether a person is ‘connected’ or ‘associated’ with another. This test is important because various statutory provisions use it, especially in limiting the persons whom the Pensions Regulator can make responsible for pension scheme deficits under the ‘moral hazard’ powers in the Pensions Act 2004. This briefing gives an outline of the statutory provisions and points to some difficult areas.  

    Why is this relevant?  

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Share (finance), Shareholder, Beneficiary, Limited liability partnership, Subsidiary, Actuary, Civil partnership in the United Kingdom, The Pensions Regulator (UK), Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Insolvency Act 1986 (UK), Pension Protection Fund, Pensions Act 2004 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    High Court sets aside a deed of release that had been executed by mistake
    2008-10-15

    In the case of Andrew Fender v National Westminster Bank PLC Judge Purle QC set aside a deed of release that had been executed in the mistaken belief that the company was no longer indebted to the bank.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Debt, Deed, Secured creditor, Capital punishment, Unsecured creditor, Volunteering, NatWest, Trustee, High Court of Justice (England & Wales)
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Investment firm insolvency: protection for trustees
    2008-10-24

    In the current market turmoil, several banking and insurance names have already had to be rescued by government-brokered packages. It is therefore timely to review what rights institutional investors have in the event of counterparty insolvency. Unfortunately, the picture is complicated, not just because the question of how pension fund investors can get their money back may have an international dimension, but also because governments keep moving the goalposts on the availability and adequacy of compensation schemes.

    Where does the claim arise?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Squire Patton Boggs, Asset management, Investment management, Investment funds, Default (finance), Annuity, Financial Services Compensation Scheme, Trustee
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    LMA sub-participation agreements and grantor insolvency
    2008-09-17

    This memorandum provides an overview of the practical issues facing a sub-participant under a Loan Market Association ("LMA") English-law governed sub-participation agreement as the creditworthiness of grantor deteriorates.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Richards Kibbe & Orbe LLP, Shareholder, Credit (finance), Debtor, Breach of contract, Interest, Credit risk, Liquidation, Liquidator (law), Unsecured creditor, Pro rata, Trustee
    Location:
    United Kingdom
    Firm:
    Richards Kibbe & Orbe LLP
    High Court gives independent trustee power to distribute the surplus on a scheme wind-up
    2008-09-30

    In Bridge Trustees Limited v Noel Penny, Judge Purle QC, sitting as an additional Judge of the High Court, held that the Court could use its inherent jurisdiction to permit an independent trustee to distribute surplus in a scheme that was winding-up. Under the Pensions Act 1995, an independent trustee is appointed to exercise powers otherwise conferred on the employer where an insolvency practitioner begins to act in relation to a company.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Costs in English law, Fiduciary, Liquidation, Capital punishment, Pensions Act 1995 (UK), Trustee, High Court of Justice (England & Wales)
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer

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