According to press reports this week, the insolvency exception to the Jackson reforms will end next April, meaning that CFA success fees and ATE insurance premiums will no longer be recoverable in proceedings brought by liquidators, administrators, trustees in bankruptcy, or companies in liquidation or administration. Recoverability in all other claims was abolished from April 2013 (subject to exceptions for defamati
The Pensions Regulator has announced, following several years of proceedings and court skirmishes, that a compromise has been reached in relation to the Financial Support Directions (FSDs) issued under the Lehman Brothers UK pension scheme.
FSDs and the Lehmans case – a reminder
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Again, of interest to all schemes providing defined benefits is the recent settlement in the litigation involving the Lehman Brothers Scheme, where the payment of £184 million, representing costs of the buying-out benefits, has been agreed.
Following a detailed investigation by TPR commencing in 2008, and a legal battle through the hierarchy of courts up to the Supreme Court (SC), members of the Lehman Brothers Pension Scheme will receive their full benefits after a settlement was reached on 18 August 2014.
UK PRA publishes SS9/14:
After six years of legal action and investigations, the Pensions Regulator (TPR) has agreed a £184 million settlement with PwC, administrators for the Lehman Brothers Group, which has secured members' benefits under the UK pension scheme. It also means the scheme will not go into the Pension Protection Fund (PPF).
Following the insolvency of the Lehman group in 2008, TPR began regulatory action in 2010 seeking the issue of a Financial Support Direction (FSD) to certain UK group companies. An FSD requires recipients to provide extra financial support to a scheme.
The UK Government has released a long awaited consultation document proposing new controls on IT suppliers’ dealings with customers facing insolvency.
To a degree this brings the termination provisions of the UK’s insolvency rescue regimes (administration and company voluntary arrangements) in line with some other jurisdictions, such as the US, which, broadly, do not allow supplier termination for customer insolvency.
Whether insurer liable to repay purchasers’ deposits following dissolution of developer/policy interpretation
Key Point
Key Point
Liability for utility bills arising in an administration after trading had ceased did not rank as an expense of the administration.
The facts