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Pensions Aspec ts of Company Liquidations

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

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  1. Pensions Aspects of Company Liquidations David Main A&L Goodbody • 14 January 2009

  2. Overview • Pre-liquidation restructuring options • Overview of liquidations • Pensions issues in liquidations

  3. 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

  4. Liquidations • Types • Voluntary – members’ (solvent) or creditors’ (insolvent) • Compulsory – court order (insolvent)

  5. Liquidations • Date of wind-up of company • Voluntary – date of resolution to wind up • Compulsory – date of presentation of petition

  6. Liquidations • Types of liquidator • Liquidator’s powers • Legal status of liquidator, directors, employees • Order of priority and proving claims

  7. 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?

  8. Issues for pension lawyers • Unpaid contributions • Deficit funding – the big issue • Closing the contribution demand window • Trustee contribution demands

  9. Issues for pension lawyers • Use of surplus (if any) • Expenses • Over to Alan for the trustee perspective.

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