Pensions and insolvency

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Latest Restructuring & Insolvency News

Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

The following Banking & Finance news provides comprehensive and up to date legal information on Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

The following Dispute Resolution news provides comprehensive and up to date legal information on Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

The following Banking & Finance news provides comprehensive and up to date legal information on Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...

Practice notes

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...

Produced in partnership with Stephen Allinson 12th Jan

Practice notes

Cashflow and balance sheet tests for insolvency

IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...

Produced in partnership with South Square 12th Jan

Practice notes

What is considered onerous property or contracts?

DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...

9th Nov

Practice notes

Covenant waivers and resets

One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...

9th Nov

Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...

9th Nov

Practice notes

Loan to value covenants

This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...

Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan

Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...

9th Nov

Practice notes

Effect of a moratorium in a company voluntary arrangement (CVA) on creditors and the company [ARCHIVED]

The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...

Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 12th Jan

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan

Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...

9th Nov

In-house

Practice notes

How to serve a demand for payment

A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...

Produced in partnership with James Hannant of Guildhall Chambers 12th Jan

Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...

9th Nov

Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...

9th Nov

Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...

Produced in partnership with South Square and BDO LLP 12th Jan

In-house

Practice notes

Misfeasance claims under section 212 of the Insolvency Act 1986

What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...

9th Nov

In-house

Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Most recent Pensions and insolvency content

Practice notes

Corporate Insolvency and Governance Act 2020—restructuring plan provisions

Spurred on by the coronavirus (COVID-19) pandemic, the government pushed through the Corporate Insolvency and Governance Act 2020 (CIGA 2020). The...

12th Apr

COVID-19

Practice notes

How pensions affect pre-packs—the implications of the Bonas case

This note considers the implications of the Bonas case for those concerned with pre-pack administrations. The case was brought by the Pensions...

Produced in partnership with Raquel Agnello QC of Erskine Chambers 9th Apr

Practice notes

Insolvency in the education sector and the Local Government Pension Scheme

What is the Local Government Pension Scheme?The main pension scheme for local authorities is the Local Government Pension Scheme (LGPS). The LGPS is a...

Produced in partnership with Laura Sayer of Mills & Reeve LLP 9th Apr

In-house

Practice notes

The Pension Protection Fund—eligibility and entry

CORONAVIRUS (COVID-19) UPDATE: As a result of coronavirus, the PPF decided to make certain changes to its policies. For instance, the PPF will accept...

9th Apr

Practice notes

Apportionment arrangements

THIS PRACTICE NOTE APPLIES TO MULTI-EMPLOYER DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESApportionment arrangements provide exiting employers of...

9th Apr

Practice notes

Financial support directions (FSDs)

FORTHCOMING DEVELOPMENT: On 11 February 2019, the DWP published its response to the consultation ‘Protecting Defined Benefit Pension Schemes—A...

9th Apr

Practice notes

Getting the Deal Through: Pensions & Retirement Plans 2020

Jurisdictions coveredThe following jurisdictions are covered in this report:Belgium; Brazil; Canada; Germany; Italy; Mexico; South Africa;...

9th Apr

Practice notes

What happens to a pension scheme on a company’s insolvency?

This Practice Note considers the effect of a company’s insolvency on an occupational pension scheme in respect of which the company is the sponsoring...

Produced in partnership with Thomas Robinson of Wilberforce Chambers 8th Apr

Practice notes

Corporate Insolvency and Governance Act 2020—the pensions implications

Key provisions of the ActOn 25 June 2020, after less than 40 days in Parliament, the Corporate Insolvency and Governance Act 2020 (CIGA 2020) received...

8th Apr

COVID-19

Practice notes

Part 26 A restructuring plan: pension issues

Section 7 of and Schedule 9 to the Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduce a new Part 26A of the Companies Act 2006 (CA...

7th Apr

Practice notes

Contribution notices (CNs)

THIS PRACTICE NOTE ONLY APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESThe Pensions Regulator's moral hazard powersThe Pensions Act 2004 (PeA...

26th Mar

Practice notes

The Pensions Regulator and its power to issue a contribution notice and financial support direction

The Pensions Regulator (the Regulator) is a non-departmental government body created by the Pensions Act 2004 (PeA 2004).The power of the Regulator to...

Produced in partnership with Raquel Agnello QC of Erskine Chambers and Tom Robinson of Wilberforce Chambers 23rd Mar

Practice notes

How are Contribution Notices and Financial Support Directions treated under the priority order of payments in insolvency?

The implications of Lehmans/Nortel cases The Supreme Court decision in the case of Nortel/Lehman has clarified the status of Financial Support...

Produced in partnership with Raquel Agnello QC of Erskine Chambers and Thomas Robinson of Wilberforce Chambers 23rd Mar

Practice notes

Lehmans—financial support directions and contribution notices [Archived]

How the issue aroseOne of the many issues adding to the complexity of the Lehmans failure is dispute over financial support directions (FSDs) and...

23rd Mar

Practice notes

How a pension is dealt with in bankruptcy

The position of a personal pension on bankruptcyA bankrupt’s estate automatically vests in the official receiver (or an insolvency practitioner if...

Produced in partnership with Philip Hinks of 3 Verulam Buildings (3VB) 3rd Mar

Practice notes

Excessive pension contribution recovery

When pension contributions are recoverableThis practice note addresses two questions:•whether a bankrupt’s pension arrangement falls within the...

Produced in partnership with Raj Arumugam of 5 Stone Buildings 3rd Mar

Q&As

Can you obtain a third party debt order against a pension?

Note: this Q&A assumes that the debtor is a member of a personal pension scheme under which they have the right to elect to take up to 25% of their...

22nd Feb

Q&As

Where an individual was made bankrupt in 1991 and has since been discharged, is their trustee in bankruptcy able to claim the bankrupt’s pension that existed at the time of the bankruptcy order for the benefit of creditors? If so, and the bankrupt has continued to make contributions to the pension, is the trustee in bankruptcy’s claim limited to the value of the pension at the time of the bankruptcy order or an increased amount?

Under Section 283(1)(a) of the Insolvency Act 1986 (IA 1986) the estate of a bankrupt is defined as all property belonging to the bankrupt at the...

15th Feb

Q&As

In a company which had a ‘multi-employer’ pension scheme, the administrators are willing to admit the scheme trustee’s debt (based on a valuation of the deficit including a section 75 (of the Pensions Act 1995) certificate). Must the administrators also accept the Pension Protection Fund’s subsequent claim for the entirety of the deficit (ie including all the deficits of all the employers as against only one of them)?

Double proof in the administrationAdministrators may make distributions to creditors of a company in administration either to: preferential creditors,...

Produced in partnership with Caroline Clark 8th Jan

Pensions and insolvency

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Co-obligor structure deemed ‘good forum shopping’ as court sanctions restructuring plan (Re gategroup Guarantee)

Trading to the detriment of creditors with no reasonable prospect of the company paying its creditors or avoiding insolvent liquidation (Re Arise Networks Ltd; Official Receiver v Obaigbena)

Latest edition of Corporate Rescue and Insolvency available (April 2021 edition)

Administrators’ appointments—void or defective? (Re Zoom UK Distribution v Rubra)

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

Effect of equitable, contractual and structural subordination

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

Most recent Pensions and insolvency content

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