 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS Pension regulator in court battle over corporate insolvency  Corporate legal services for the UK Pension Regulator are facing a court battle with administrators for two major firms. Looking for a commercial dispute resolution, Lehman Brothers and Nortel Networks have brought the action against the regulator in a case that could swing commercial insolvency laws. It is thought the ruling on this case will greatly affect how administrators deal with insolvencies in the future. The pensions regulator wants to recoup over £2 billion from two companies, which it claims they owe from when they filed for bankruptcy. A Financial Support Direction (FSD) was issued by the regulator against the firms. In a written submission to the court, the trustees said the issue revolves around whether a company can ignore an FSD because it is in the process of insolvency, the Financial Times reports. The collapse of Lehman Brothers was one of the key sparks that ignited the credit crisis and subsequent worldwide economic downturn. Posted by Gaby Hamerton 
Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News |
|||
| © 2012 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |