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Eleanor Stephens spoke to Raquel Agnello QC of Erskine Chambers who believes the Pensions Regulator can breathe a sigh of relief after the Supreme Court’s decision in Nortel.
Re Nortel GMBH (in administration) and other companies Re Lehman Brothers International (Europe) (in administration) and other companies  UKSC 52,  All ER (D) 283 (Jul)
The Supreme Court considered whether the liability that would arise on a financial support direction (FSD) being served by the Pensions Regulator pursuant to the Pensions Act 2004 (PA 2004) on a company in administration ranked as an expense of the administration or a provable debt. The Supreme Court decided the company’s liability under the FSD regime, arising pursuant to a FSD issued after the company had gone into administration, ranked as a provable debt of the company and not an expense of the administration.
The Supreme Court has ruled that sums claimed under an FSD
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