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    Pension schemes as super-creditors: Court of Appeal rules in Nortel and Lehman Brothers
    2011-11-29

    This appeal was brought by the insolvency practitioners dealing with the Nortel and Lehman Brothers companies. The Regulator’s Determinations Panel has, in relation to both the Nortel and Lehman Brothers pension schemes, issued warning notices of its intention to issue Financial Support Directions (FSDs) against group companies.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Nabarro LLP, Unsecured debt, Debt, Lehman Brothers
    Authors:
    Anne-Marie Winton
    Location:
    United Kingdom
    Firm:
    Nabarro LLP
    Gesner Investments Ltd v Bombardier Inc: termination of aircraft purchase agreement
    2011-11-30

    In its judgment of 11 October 2011, the English Court of Appeal analysed the terms of an aircraft purchase agreement (the “Agreement”) entered into by Gesner and the aircraft manufacturer Bombardier.  The Agreement was in Bombardier’s standard terms.  Gesner, the purchaser, sought to terminate the agreement on the grounds that Bombardier had delayed in fulfilling its contractual obligations.  Thereafter, Bombardier sought to retain certain monies as liquidated damages upon termination of the Agreement.  Gesner challenged this retention.

    Filed under:
    United Kingdom, Aviation, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Liquidated damages, Court of Appeal of England & Wales
    Authors:
    Beverley Wood
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Interpretation of commercial contracts
    2011-12-01

    The UK Supreme Court has recently overturned a much-criticised and controversial ruling of the Court of Appeal by finding an ambiguously worded advance payment bond effective in the case of insolvency. In doing so, it clarified the proper role and application of considerations of business common sense when interpreting commercial contracts. Where a clause is capable of two or more possible interpretations, Rainy Sky SA v Kookmin Bank held that the court should prefer the one which is most consistent with common business sense.

    Filed under:
    United Kingdom, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Shipping & Transport, Hogan Lovells, Bond (finance), Condition precedent, Court of Appeal of England & Wales, UK Supreme Court
    Authors:
    John Gerszt
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Nortel / Lehman - victory for the Pensions Regulator?
    2011-12-01

    Where does liability under a Pensions Regulator Contribution Notice rank in an Employer's insolvency?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Wedlake Bell, Debt, Defined benefit pension plan, The Pensions Regulator (UK)
    Authors:
    Clive Weber
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Judgment debtor escaping the arms of English jurisdiction? Joujou v Masri [2011] EWCA Civ 746
    2011-11-17

    The Masri litigation has yet again troubled the English Court on the principle of comity and provided the Court of Appeal with the opportunity to say just how important it is in international debt enforcement.

    The background on Masri

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Abuse of process, Comity
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Common sense counts when construing commercial contracts
    2011-11-17

    In Rainy Sky S.A and six others v Kookmin Bank [2011] UKSC 50, the Supreme Court provided useful guidance on the role of business common sense in construing a clause in a commercial contract, particularly in circumstances where there are competing plausible constructions, neither of which is clearly preferable on the language used alone.

    The facts

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Shipping & Transport, RPC, Bond (finance), Condition precedent, Consideration, Default (finance), Majority opinion, Supreme Court of the United States, UK Supreme Court, Singapore High Court
    Authors:
    Daniel Hemming
    Location:
    United Kingdom
    Firm:
    RPC
    FSA consults on RDR accreditation and charging
    2011-11-18

    FSA has published three consultation papers on the Retail Distribution Review (RDR). The papers cover:

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Dentons, Institute of Chartered Accountants in England and Wales, FSA
    Authors:
    Dominic Gilmore , Josie Day
    Location:
    United Kingdom
    Firm:
    Dentons
    First investment firm to enter the new special administration regime
    2011-11-18

    On 31 October 2011, MF Global UK Limited, an insolvent investment broker, became the first investment firm to enter the special administration regime (the “SAR”) created by the Investment Bank Special Administration Regulations 2011 (SI 2011/245).

    The SAR was adopted in February 2011 following the collapse of Lehman Brothers and has the advantage over ordinary corporate administration in that it sets special objectives for the administrator and this is the first time the SAR has been used. The SAR sets three objectives for a special administrator:

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dechert LLP, Investment company
    Location:
    United Kingdom
    Firm:
    Dechert LLP
    MF Global collapse
    2011-11-18

    Clients active in commodities markets (e.g. large consumers of copper and other metals) may be affected by the collapse of MF Global which was recently placed into Chapter 11 process in the US and into Administration in the UK. MFGlobal was an active clearing agent on numerous metal exchanges including the London Metal Exchange.

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Eversheds Sutherland (International) LLP, Commodity market
    Authors:
    Simon Waller
    Location:
    United Kingdom
    Firm:
    Eversheds Sutherland (International) LLP
    MF Global UK enters Special Administration Regime
    2011-11-03

    MF Global UK Limited In Special Administration

    The Financial Services Authority (“FSA”) has confirmed that MF Global UK Limited (“MF Global UK”) has entered the Special Administration Regime created under the Investment Bank Special Administration Regulations 2011 (“Regulations”).1 MF Global UK is the first investment bank to enter the Special Administration Regime. The decision to apply for special administration was initiated by the board of MF Global UK.

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Security (finance), Investment banking, Lehman Brothers cases, Beneficial interest, US Department of the Treasury, Lehman Brothers, FSA, KPMG, Bank of England, Insolvency Act 1986 (UK)
    Authors:
    Nick Shiren , Assia Damianova
    Location:
    United Kingdom
    Firm:
    Cadwalader Wickersham & Taft LLP

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