Many employers dread triggering debts under section 75 of the Pensions Act 1995 within their defined benefit pension scheme, but in some circumstances it simply cannot be avoided. Once a section 75 debt has been triggered it is important that the debt is calculated properly. The Actuary is required to calculate the difference between the value of the scheme's assets and the cost of purchasing annuities to secure all of the liabilities of the scheme. But what if there is a delay in calculating the debt? At which date is the Actuary required to ascertain the cost of bu
A new practice direction on insolvency proceedings came into force on 23 February 2012. It contains procedural requirements for various aspects of proceedings under the Insolvency Act 1986 and the Insolvency Rules 1986.
This blog is supposed to be about real estate, mostly commercial real estate. So when one of my Celtic-supporting partners who has been watching avidly every twist and turn of the Rangers saga said I should read the latest court judgement and what it said about property law, I was a little surprised. But there is quite a lot that is relevant to what we do on a day to day basis.
A High Court ruling in England today has provided a significant clarification of the law relating to payment of rent as an administration expense.
In Leisure (Norwich) II Limited v Luminar Lava Ignite Limited (in administration), the Court confirmed that rent payable in advance prior to the appointment of administrators is not payable as an expense of the administration, even if the administrators continue to use the property. This means that the rent would not be given priority over other unsecured debts.
After nearly two years of discussion and consultation, the Department for Business Skills and Innovation (BIS) announced on 26 January 2012 that it will not be seeking to introduce new legislative controls on pre-packs. These were to include a much heralded three-day notice period for creditors to challenge the sale. Many have been left surprised by the government’s apparent u-turn and dismayed that so much time and effort seems to have come to nothing.
In a keenly anticipated judgment, the Court of Appeal today handed down its verdict in four appeals1 concerning the interpretation of various terms of the 1992 ISDA Master Agreement.
On 29 February 2012, the Supreme Court of the United Kingdom handed down its long-awaited judgment on client money issues in the context of the Lehman's Administration. The judgment has an important bearing on likely recoveries for both segregated and non-segregated clients, the further work to be conducted by the Administrators and timing of distributions.
Summary
The Supreme Court has found that:
The High Court has held that where litigation is commenced against the administrator of a company, arising out of contractual obligations entered into in that capacity, he or she will not be personally liable, despite the insolvent company being unable to meet the resulting liability.(1)
Introduction
Introduction
Hildyard J’s recent sanctioning of the scheme of arrangement proposed by PrimaCom Holding GmbH (‘’PrimaCom’’), a German incorporated company whose creditors were domiciled outside of the UK, has reaffirmed the extra-territorial jurisdiction of the English courts in respect of schemes of arrangement and confirmed their status as a useful instrument for foreign companies looking to restructure1.
The process