Nortel/Lehman ruling: A victory for common sense

The Supreme Court decision on financial support directions has been welcomed by all sides

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The Supreme Court ruling that a financial support direction (FSD) issued by The Pensions Regulator (TPR) against an insolvent firm ranks as a provable debt has been welcomed by all sides.

The decision, handed down this morning, overturned earlier rulings that liabilities arising from an FSD counted as an expense of the administration and ranked above claims of other creditors. It...

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