Supreme Court quashes Nortel/Lehman FSD rulings

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The Supreme Court has overturned a ruling that financial support directions (FSD) issued by The Pensions Regulator (TPR) in insolvencies should be treated as an expense of the administration.

In a judgment in the Nortel/Lehman case, handed down this morning, the court found that FSDs were in fact provable debts which would rank alongside the claims of other unsecured creditors. The c...

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