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UK Supreme Court upholds appeal by Nortel administrators on pension liabilities and the powers of the pensions regulator

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • July 24 2013

The Supreme Court has today ruled on the ranking of certain pension liabilities when issued to companies in administration or liquidation. In a

Redrawing the boundaries: income payment options and undrawn pensions

  • Penningtons Manches LLP
  • -
  • United Kingdom
  • -
  • March 27 2015

Income payments orders (IPOs) are an essential tool for the trustee in bankruptcy in realising a bankrupt's assets. Until recently, it had been

New concerns for bondholders, lenders and other creditors following SCC’s Indalex decision

  • Bennett Jones LLP
  • -
  • Canada
  • -
  • February 12 2013

On February 1, 2013, the Supreme Court of Canada (SCC) released its much-awaited decision in the Indalex case. While the central issue in Indalex

Ontario Court of Appeal gives priority to pension plan wind-up deficits in CCAA proceedings

  • Dentons
  • -
  • Canada
  • -
  • April 8 2011

On April 7, 2011, in Indalex Limited (Re), 2011 ONCA 265 (Re Indalex), the Ontario Court of Appeal (the Court) held that in certain circumstances a pension plan wind-up deficit should be paid in priority to claims of secured creditors, including amounts outstanding under a court-approved debtor-in-possession facility (the DIP Facility

Over 55 and in debt: is your pension pot safe?

  • Winckworth Sherwood
  • -
  • United Kingdom
  • -
  • February 27 2015

With changes to pensions coming into effect from April 2015 under which savers over the age of 55 will have greater flexibility to draw down their

Horton v Henry 2014 pensions and bankruptcy appeal allowed

  • Norton Rose Fulbright LLP
  • -
  • United Kingdom
  • -
  • February 19 2015

Of general interest is the appeal in the case of Horton v Henry, on which we reported in our January 2015 update. In Horton, the High Court declined

Third Circuit considering if the ‘police power’ exception to the automatic stay extends to the UK Pensions Regulator

  • Reed Smith LLP
  • -
  • United Kingdom, USA
  • -
  • December 19 2011

One exception to the otherwise far-reaching scope of the automatic stay is the “police power” exception, which permits a governmental unit to commence or continue an action or proceeding that is in furtherance of its police and regulatory powers (section 362(b)(4) of the Bankruptcy Code

Enhancing lender priority over pension deficiencies in Canada in the post Indalex era - more guidance from the courts

  • Baker & McKenzie
  • -
  • Canada
  • -
  • March 27 2014

By mid-2013, defined benefit pension plan deficiencies had reached $400 billion in Canada. While the uptick in stock prices and interest rates has

SCC decision in Re Indalex not good news for cash collateral arrangements

  • Stikeman Elliott LLP
  • -
  • Canada
  • -
  • February 8 2013

Swaps market participants accepting cash collateral from an entity subject to Ontario provincial pension benefits legislation will want to consider

Pension priorities in Canada: an update for lenders

  • Bennett Jones LLP
  • -
  • Canada
  • -
  • February 25 2014

Financiers and lenders to Canadian companies have become increasingly concerned about potential priorities of pension claims in Canada over the past