Listen to our latest webcast as John Whiteoak, Partner in our Restructuring, Turnaround and Insolvency (RTI) team, and Tim Smith, Professional Support Lawyer in our Pensions team, discuss the impact that the recent major reforms to the UK insolvency regime will have on defined benefit (DB) pension schemes and the Pension Protection Fund (PPF).
In particular, they consider the:
- significance of the new restructuring plan, which can be imposed on dissenting creditors
- impact of the new pre-insolvency moratorium and the super priority status that has been granted to bank debts and intra-group loans when a moratorium ends
- implications for the protection afforded by floating charges and other contingent assets, and
- immediate actions trustees of DB schemes ought to take.
For further analyis of the new insolvency regime and the impact on DB schemes, read our blog post.
CIGA 2020 Soundbites Series
This webcast forms part of a series of our RTI team which examine different aspects of these reforms and consider the implications for companies in distress and their creditors, particularly landlords, suppliers, financial services providers and DB pension schemes.
If you wish to discuss these changes further please contact a member of our pensions or RTI teams (see below) or speak to your usual Herbert Smith Freehills’ contact.
To receive our future updates on the latest developments affecting UK pension schemes and sponsors subscribe to our UK pensions blog.