Pension priority in bankruptcies
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Court of Appeal has ruled bankrupt companies must fill their pension gaps before paying other unsecured debts, upholding an earlier ruling against the administrators for Lehman Brothers and Nortel Networks.
The court upheld a High Court ruling last year that pension funds were an expense and must be paid before debts to administrators. The ruling prompted warnings it could hit the chances of business rescues, though experts said the judgment would only apply in specific circumstances, where the Pension Regulator is involved.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments