News & Events

Insolvency and Restructuring

Helen Pugh discusses knowing receipt and the proprietary base

Read Helen Pugh’s article on knowing receipt and a recent related High Court decision in Butterworths Journal of International Banking and Financial Law. Helen Pugh was recently published in the May edition of Butterworths Journal of International Banking and Financial Law where she analysed a recent High Court decision in a knowing receipt claim against a Saudi Arabian bank; Byers and Ors v Samba Financial Group [2021] EWHC 230 (Ch). It considered the vexed issue of whether a beneficiary must have a continuing equitable interest enduring upon receipt of the property by the recipient to establish a knowing receipt claim. In a detailed and well-reasoned judgment Mr Justice Fancourt answered that question in the affirmative. Knowing receipt Knowing receipt is…

Banking, Legal Blog & Publications, Insolvency and Restructuring 24 May, 2021

Pension Schemes Act 2021: the potential impact on restructurings

Andrew Spink QC and Helen Pugh signpost the potential impacts of the Pensions Scheme Act 2021 on restructurings. The Pension Schemes Act 2021 (‘the Act’) addresses a number of critical areas concerning pensions, and importantly brings about a number of significant changes. The focus of this briefing note is upon 4 key areas relevant to restructurings: The creation of two new criminal offences with penalties of up to 7 years’ imprisonment and an unlimited fine; Mirror civil liability with penalties of up to £1m; The expansion of the existing contribution notice/ moral hazard powers of the Pensions Regulator (‘TPR’); The expansion of notification requirements for certain corporate activity. Whilst the Act received Royal Assent on 11 February 2021, it is…

Legal Blog & Publications, News, Insolvency and Restructuring, Pensions 10 Mar, 2021

CIGA 2000 – The Moratorium – are all defined benefit pension scheme contributions exempt from the payment holiday?

Following on from their previous article considering the scope of the moratorium from a lender’s perspective, Andrew Spink QC, Justina Stewart and Saaman Pourghadiri consider the thorny question of whether all defined benefit pension scheme contributions are exempt from the payment holiday under the moratorium. In this note Andrew Spink QC, Justina Stewart and Saaman Pourghadiri consider one important issue for insolvency and pensions practitioners which arises from the Moratorium in Part A1 of the Insolvency Act 1986 (“IA 86”) introduced by the Corporate Insolvency and Governance Act 2020 (“CIGA 2020”).  The note sets out various arguments going to the vexed issue of which forms of employer contribution to an occupational pension scheme fall within the payment holiday under the…

Legal Blog & Publications, News, Insolvency and Restructuring, Pensions 15 Oct, 2020

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