Should insolvency practitioners and pension trustees reach agreement on the pension scheme debt as soon as possible?

Should insolvency practitioners and pension trustees reach agreement on the pension scheme debt as soon as possible?

Insolvencies may now lead to potential recovery of an amount in excess of the debt under section 75 of the Pensions Act 1995 (s 75 debt). Joanne Etherton of Weil, Gotsthal & Manges advises on the implications of the decision in Storm Funding Ltd (in Administration) [2013] EWHC 4019 (Ch)[2013] All ER (D) 217 (Dec). In the Storm case, the administrators of 14 companies in the Lehman Brothers group (the applicants) applied for directions as to the potential liabilities of those companies to make payments to or for the benefit of the Lehman Brothers pension scheme. The Commercial Court decided that, on the true construction of the relevant provisions of the Pensions Act 2004 (PeA 2004), contribution notices might be issued under PeA 2004, s 47 to more than one qualifying target which, in aggregate, specified a sum in excess of the maximum shortfall sum, as defined in PeA 2004, s 48(2) and there might be recovered, under such contribution notices an aggregate sum in excess of the shortfall sum.

What issues were the administrators of 14 insolvent companies in the Lehman Brothers Group bringing before the court?

The case related to the interpretation of certain sections in the PeA 2004 and, in particular, the extent of the potential liabilities of the 14 applicant companies (but would have wider a

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