expenses – Page 4 – Current Awareness

Nortel / Lehman Supreme Court decision: guidance on insolvency expenses and provable claims – 11 Stone Buildings

Posted July 31st, 2013 in administrators, debts, expenses, insolvency, news, pensions by sally

“The Supreme Court ruled today that sums claimed under a Financial Support Direction of the Pensions
Regulator that is issued after a company’s entry to insolvency will rank as provable debts. It disagreed with both the High Court and a unanimous Court of Appeal, which had held that sums claimed under such a FSD were payable as insolvency expenses. The Supreme Court also rejected an argument that such a claim ranked below ordinary creditors as a non-provable liability.”

Full story (PDF)

11 Stone Buildings, 24th July 2013

Source: www.11sb.com

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 – Supreme Court

Posted July 29th, 2013 in administrators, contribution, debts, expenses, insolvency, law reports, pensions by sally

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 [2013] UKSC 52 (YouTube)

Supreme Court, 24th July 2013

Source: www.youtube.com/user/UKSupremeCourt

In re Portsmouth City Football Club Ltd (in liquidation); Neumans LLP (a firm) v Andronikou and others – WLR Daily

Posted July 25th, 2013 in appeals, expenses, fees, insolvency, law firms, law reports, sport by tracey

In re Portsmouth City Football Club Ltd (in liquidation); Neumans LLP (a firm) v Andronikou and others: [2013] EWCA Civ 916; [2013] WLR (D) 301

“Where solicitors had acted for a company in connection with its opposition to a winding up petition but had ceased to act for the company by the time the company went into out of court administration, the court had no power under the Insolvency Rules 1986 or under the inherent jurisdiction of the court to direct that fees which the company owed to the solicitors were an expense of the administration.”

WLR Daily, 24th July 2013

Source: www.iclr.co.uk

In re Nortel GmbH (in administration) and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies (Nos 1 and 2) – WLR Daily

Posted July 25th, 2013 in expenses, insolvency, law reports, pensions by tracey

In re Nortel GmbH (in administration) and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies (Nos 1 and 2): [2013] UKSC 52; [2013] WLR (D) 300

“A company’s liabilities arising from financial support directions or contribution notices issued by the Pensions Regulator under the Pensions Act 2004 after the company had gone into administration, which required the company to put in place financial support for an occupational pension scheme, did not rank as an expense of the administration under rule 2.67(1)(f) of the Insolvency Rules 1986. However, where by the date on which the company went into administration it had for the preceding two years been vulnerable to a liability under a pension scheme, that liability was an obligation which ranked in the administration as a provable debt of the company.”

WLR Daily, 24th July 2013

Source: www.iclr.co.uk

Nadine Dorries repays £3,000 travel expenses – The Guardian

Posted July 25th, 2013 in expenses, news, parliament, repayment by tracey

“Parliamentary standards watchdog finds Tory MP’s claims for trips between London and her constituency ‘wrongfully made.’ ”