Lessons from Nortel: what do the recent allocation decisions mean?
28 May 2015Around 33,000 UK-based pensioners of the Nortel group look set to receive a greater share of the group’s $7bn worldwide assets, following a joint allocation hearing in the US and Canadian courts.
This should mitigate earlier difficulties encountered in trying to use the Pensions Regulator’s anti-avoidance powers to recover monies from non-UK companies. The decision may also have wider implications for unsecured lenders to a company which is part of a multi-jurisdictional group headquartered in the US or Canada.
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