On a company’s insolvency the funds in its pension scheme do not automatically form part of the assets of the company. They are not automatically available to pay the company’s creditors unless an office-holder has an action against the scheme for the return of funds, for example if a transaction at an undervalue or preference transaction has occurred. For further reading on such claims, see: Claims by an insolvent estate or its insolvency office-holder—overview.
An insolvency practitioner appointed over the company must give notice of the insolvency to the Pensions Regulator, the Pension Protection Fund and the trustees or managers of the pension scheme. For more detailed information, see Practice Note: What happens to a pension scheme on a company’s insolvency?
If the insolvent employer has deducted contributions to a defined benefit or defined contribution scheme from an employee’s pay in the four months before its insolvency, but failed to pay them to the scheme, the amount
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
R3, the UK trade association for restructuring, turnaround and insolvency, has appointed Sonia Jordan as its President for a 12-month term, succeeding...
This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of an application for directions approving a scheme for...
Restructuring & Insolvency analysis: The High Court approved a distribution scheme for a client money pool under CASS 5 in the administration of an...
Restructuring & Insolvency analysis: This decision clarifies the threshold for establishing that a petition debt is disputed on ‘substantial grounds’...
If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some
Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application
Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a
Template for regulatory references given by SMCR firms and disclosure requirements[Insert addressee details]Dear [insert name][It is our understanding that [insert name of prospective employee] [was an employee of yours between the dates of [insert dates as appropriate] OR is a current employee of
0330 161 1234