Nortel/Lehman – landmark pensions and insolvency decision delivered by the Supreme Court
Tuesday 23 July 2013
Wilberforce barristers appeared in the recent landmark decision of the Supreme Court in the Nortel/Lehman case.
The Supreme Court overturned decisions of the High Court and Court of Appeal by holding that a Financial Support Direction or Contribution Notice issued by the Pensions Regulator against a target company after it had gone into administration or liquidation will not have priority ranking as an expense of the insolvency proceedings but will instead rank as a provable debt.
Wilberforce barristers who appeared in the Supreme Court were: Andrew Mold (for the Nortel Administrators); Jonathan Hilliard (for the Pensions Regulator); Michael Tennet QC (for the Nortel Trustees); Paul Newman QC and James Walmsley (for the Lehman Administrators).