The Court of Appeal has ordered a reference to the Court of Justice of the European Union (ECJ) in Grenville Holden Hampshire v the Board of the Pension Protection Fund which involves a pension scheme member, whose early retirement pension was reduced by two-thirds on the scheme's entry to the PPF, arguing that the statutory cap on compensation payable by the PPF does not give full effect to Article 8 of the EU Insolvency Directive.

The EU referendum outcome - to "Brexit" has divided the country. Whilst supporters of both the "Remain" and "Leave" campaigns continue to speculate on what might have happened had the result been different, or what will happen if, as or when Article 50 of the Lisbon Treaty is invoked, the only apparent certainty is that these are uncertain times for the UK. Unprecedented, uncertain times.

September 2016

Commercial Litigation

Can a conflicting email and attachment regarding settlement amount to an acceptance, or does it constitute a counter offer?

Summary

In an appeal from the County Court, regarding the forfeiture of a lease, the High Court confirmed that a purported acceptance of a settlement offer was actually a counter offer. In suggesting an alternative payment date, the company had made a counter offer which the other party had not accepted.

Background

We are currently still in a lot of unknown territory; so how will our exit from the EU affect Debts here in the UK, in Europe and in other countries?

Once the UK finalises the exit from the EU, any debts someone may have in the EU will fall into the category of similar non-EU debts in other countries, such as the United States. Whilst you can include those debts in a UK bankruptcy you are only afforded the protection from them in the UK. 

Background

The Pension Protection Fund (PPF) is responsible for paying compensation to members of defined benefit occupational pension schemes where the scheme is in deficit on a PPF funding basis and the employer becomes insolvent. One of the criteria that must be satisfied by a scheme to enter the PPF is that the participating employer(s) suffer a "qualifying insolvency event" (QIE).

1. POLICY UPDATE

1.1 Access to ARF option for holders of Buy-Out Bonds originating in DB Schemes

A change to the Revenue Commissioner's administrative procedures, effective from 22 June 2016, means that former defined benefit scheme members whose benefits were transferred to a buy-out bond may now access an Approved Retirement Fund ("ARF") rather than being restricted to the purchase of an annuity.

This article was first published in Getting the Deal Through - Ship Finance: Updates and Trends and is reproduced with permission.

The terms of the UK’s withdrawal from the EU will inevitably dictate the extent to which Brexit impacts upon financial agreements. As this stage, it is important to consider the clauses which may have to be reviewed.

The process of Brexit will take years, and the implications for our clients' businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working with clients on key concerns and issues, now and in the coming weeks and months. We will also continue to provide MoFo Brexit Briefings on a range of key issues. We are here to support you in any and every way that we can.

Go West

Cross-border insolvency proceedings involving the UK

The question of which law is applicable to cross-border insolvency proceedings within the EU and which court has jurisdiction over the opening, monitoring or conducting of the insolvency proceedings, is regulated by Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings (Insolvency Regulation) that is directly applicable in all EU member states, with the exception of Denmark.