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    The Nortel and Lehman Brothers companies
    2013-07-31

    Background

    Under the Pensions Act 2004 the Pensions Regulator (tPR) has the power to impose a financial support direction (FSD) requiring a company “connected or associated” with the sponsoring employer of a UK pension fund to provide financial support to the pension fund. To date tPR has used the power in insolvencies.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Pensions Act 2004 (UK), The Pensions Regulator, Lehman Brothers
    Authors:
    Jay Doraisamy
    Location:
    United Kingdom
    Firm:
    Dentons
    Employer debt – timing the calculation
    2012-03-26

    Pension scheme assets can rise and fall. So can liabilities. The timing of the section 75 debt calculation is, therefore, critically important to the ability of the scheme to meet its liabilities.

    So when should trustees calculate their section 75 debt? Can they use one date to calculate scheme assets and choose a different date to calculate the cost of buying out the scheme’s liabilities?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Liability (financial accounting)
    Authors:
    Alan Jarvis , Elmer Doonan , Andrew Patten , Harriet Fletcher
    Location:
    United Kingdom
    Firm:
    Dentons
    Contribution notices: the Bonas case and its aftermath
    2011-07-21

    TPR settled its dispute with Michael Van de Wiele (VdW) in relation to its UK pension scheme and issued a Contribution Notice (CN) for £60,000. Although this is significantly less than the £21 million originally sought and the £5.08 million decided by the Determinations Panel, TPR says it is “business as usual” for the use of its statutory anti-avoidance powers. A settlement at this level might be viewed as a defeat for TPR and an indication that CNs are not a potent weapon to deal with the avoidance of employer debts. That view would be seriously misguided.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debt, Liability (financial accounting), Liquidation, Market value, Trustee
    Authors:
    Elmer Doonan , Alan Jarvis , Andrew Patten
    Location:
    United Kingdom
    Firm:
    Dentons
    FSA censures firm for geared traded endowment failings
    2010-05-14

    FSA has censured a firm in voluntary liquidation for failings in selling and promoting geared traded endowment policies. Integrity Financial Solutions provided and advised on the policies. FSA found the product information it produced was misleading, which may have led IFAs to advise customers to buy an unsuitable product. It also found the firm’s own sales arm did not record information on customers and could not evidence why the product was suitable. FSA would have recommended a £350,000 fine if the firm were not in liquidation.

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Dentons, Liquidation, Liquidator (law), Leverage (finance), FSA
    Authors:
    Robert Finney
    Location:
    United Kingdom
    Firm:
    Dentons
    Treasury publishes building society orders
    2009-04-03

    Treasury has published two orders made under the Insolvency Act 1986 and the Banking Act 2009. The orders are:  

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dentons, Building society, Financial Services Compensation Scheme, Insolvency Act 1986 (UK), Banking Act 2009 (UK)
    Location:
    United Kingdom
    Firm:
    Dentons
    Dealing with insolvency in the construction supply chain (UK focus)
    2020-11-06

    This round-up collates the information, analysis and guidance relating to insolvency issues shared by our Construction and Restructuring, Insolvency and Bankruptcy teams during the COVID-19 pandemic. For further information on any of the issues below, please get in touch with one of the Key Contacts.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Mediation, Coronavirus
    Location:
    United Kingdom
    Firm:
    Dentons
    Mitigating insolvency effects in the supply chain
    2019-07-22

    Gurbinder Grewal and Michael Wright in the UK Construction Team explain the knock on effects of insolvencies and the mitigating steps that can be taken. Early warning signs of looming insolvency can be spotted.

    Key points

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Dentons, Carillion
    Authors:
    Gurbinder Grewal
    Location:
    United Kingdom
    Firm:
    Dentons
    Directors' dealings and company assets
    2017-04-13

    A recent challenge in the High Court by liquidators to recover assets from a director of an insolvent company has highlighted various points of company law. In particular, the court had to consider directors' authority, share buybacks, and transactions between a company and its directors.

    The claimant (D) was the managing director and controlling shareholder of the defendant company (the Company). The Company at first had one other director, D's wife, and later a second (W).

    The liquidator challenged three transactions:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Liquidator (law), Directors' duties, Companies Act 2006 (UK), Insolvency Act 1986 (UK), High Court of Justice
    Authors:
    David Collins , Richard Barham , Candice Chapman
    Location:
    United Kingdom
    Firm:
    Dentons
    To be or not to be insolvent?
    2015-03-09

    Kandola v Mirza Solicitors LLP [2015] EWHC 460 (Ch)

    A recent decision of HHJ Cooke in the Chancery Division of the High Court in Kandola v Mirza Solicitors LLP [2015] EWHC 460 (Ch) has provided some useful guidance on solicitors' duties to advise as to the risk of insolvency of the vendor when acting for purchasers in property transactions where deposits are held as agents for the vendor. It also provides guidance on solicitors' duties generally when advising on risks in transactions.

    The Facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Legal Practice, Litigation, Dentons, Solicitor, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Dentons
    Insolvency events of default - lenders test the boundaries
    2013-07-09

    The insolvency of the borrower is a standard event of default in facility agreements. As well as covering the borrower's cash flow insolvency, these clauses also often cover other, earlier signs of distress. Two recent cases have seen lenders try to exploit these outer reaches of their insolvency event of default clauses. Hayley Çapani and Adam Pierce explain why these cases are significant for parties negotiating new deals, and for lenders considering their enforcement options on existing deals.

    Negotiations with creditors for rescheduling

    Filed under:
    United Kingdom, Insolvency & Restructuring, Dentons, Debtor, Balance sheet, Cashflow, Default (finance)
    Authors:
    Hayley Çapani , Adam Pierce
    Location:
    United Kingdom
    Firm:
    Dentons

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