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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 Aspects of Company Liquidations

David Main

A&L Goodbody

  • 14 January 2009


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Overview

  • Pre-liquidation restructuring options

  • Overview of liquidations

  • Pensions issues in liquidations


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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


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Liquidations

  • Types

    • Voluntary – members’ (solvent) or creditors’ (insolvent)

    • Compulsory – court order (insolvent)


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Liquidations

  • Date of wind-up of company

    • Voluntary – date of resolution to wind up

    • Compulsory – date of presentation of petition


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Liquidations

  • Types of liquidator

  • Liquidator’s powers

  • Legal status of liquidator, directors, employees

  • Order of priority and proving claims


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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?


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Issues for pension lawyers

  • Unpaid contributions

  • Deficit funding – the big issue

    • Closing the contribution demand window

    • Trustee contribution demands


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Issues for pension lawyers

  • Use of surplus (if any)

  • Expenses

  • Over to Alan for the trustee perspective.


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