On 10 December 2010, the High Court gave judgment in a joint application by the administrators of certain companies in the Nortel and Lehman estates for directions on the status of any financial support direction (FSD) or contribution notice (CN) issued to the companies in administration or any subsequent liquidation (Bloom & Others v. The Pensions Regulator (Nortel, Re) [2010] EWHC 3010 (Ch)).

In a decision which had significant consequences in many areas, Mr Justice Briggs reluctantly held that any liability under a FSD or CN issued to a company in administration or liquidation will, save in very limited cases, amount to an expense of the administration/ liquidation.

The administrators were given leave to appeal and the appeal was heard between 26 and 29 July 2011. Judgment is not expected until after the Court's summer recess.