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Pensions Aspec ts of Company Liquidations. David Main A&L Goodbody. 14 January 2009 . Overview. Pre-liquidation restructuring options Overview of liquidations Pensions issues in liquidations. Pre-liquidation restructuring options.

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pensions aspec ts of company liquidations

Pensions Aspects of Company Liquidations

David Main

A&L Goodbody

  • 14 January 2009
overview
Overview
  • Pre-liquidation restructuring options
  • Overview of liquidations
  • Pensions issues in liquidations
pre liquidation restructuring options
Pre-liquidation restructuring options
  • Receivership – a self-help mechanism for secured creditors
  • Examinership – a life-support mechanism for companies
  • Schemes of arrangement – a little-used reorganisation of share capital
liquidations
Liquidations
  • Types
    • Voluntary – members’ (solvent) or creditors’ (insolvent)
    • Compulsory – court order (insolvent)
liquidations5
Liquidations
  • Date of wind-up of company
    • Voluntary – date of resolution to wind up
    • Compulsory – date of presentation of petition
liquidations6
Liquidations
  • Types of liquidator
  • Liquidator’s powers
  • Legal status of liquidator, directors, employees
  • Order of priority and proving claims
issues for pension lawyers
Issues for pension lawyers
  • Your fees when acting for a liquidator
  • Getting the basic details
  • Conflicts of interest
  • Has the scheme begun to wind up?
issues for pension lawyers8
Issues for pension lawyers
  • Unpaid contributions
  • Deficit funding – the big issue
    • Closing the contribution demand window
    • Trustee contribution demands
issues for pension lawyers9
Issues for pension lawyers
  • Use of surplus (if any)
  • Expenses
  • Over to Alan for the trustee perspective.
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