Debt Definition

GLOSSARY

Published by a ��Ӱ�� Pensions expert

What does Debt mean?

The debt is the amount payable to fund a scheme shortfall when an employer stops participating in the scheme.

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Notice of general meeting or annual general meeting—checklist

Notice of general meeting or annual general meeting—checklist Who is entitled to receive notice of general meeting or annual general meeting? Notice of the general meeting (GM) or annual general meeting (AGM) must be sent to: • every member of the company, ie those appearing on the register of members (including those entitled to a share in consequence of the death or bankruptcy of a member, if the company has been notified of their entitlement) • every director of the company, and • the company’s auditors Check the company’s articles in particular for provisions relating to: • giving notices to joint, untraceable or overseas shareholders, and • cut-off dates by which time a member needs to be registered on the register of members to receive a notice. Where a company's shares are held in CREST, a member must be registered in the register of members at least 21 days before the date the notice is sent Form of notice Notice of a GM must be given: • in hard copy...

Family provision claims—table of cases

Family provision claims—table of cases Spouse or civil partner of the deceased Topic Case name Summary Author Spouse of the deceased Ramji v Harvey (in his capacity as executor of the estate of Sugrim Orlando Ramji deceased) and others [2023] EWHC 1664 (Ch) News Analysis: Lifetime transaction set aside on the basis of undue influence (Ramji v Harvey).In this preliminary issue trial in a claim under I(PFD)A 1975, the court set aside a transfer finding that the relationship between the deceased and the surviving spouse was one of trust and confidence resulting in a presumption of undue influence. Holly Challenger, Parklane Plowden Chambers Spouse of the deceased Re estate of Singh (deceased) [2023] EWHC 304 (Fam) News Analysis: Spousal claim under I(PFD)A 1975 dealt with on an abbreviated basis (Re estate of Singh (deceased))The judge dealt with this claim on an abbreviated basis, as the claim was either uncontested or alternatively, if D3 were to contest the claim, summary judgment could be given. Aimee Jones, Sternberg Reed LLP Spouse...

Compromising section 75 debts—Bradstock agreements

A key piece of pensions legislation is section 75 (and 75A) of the Pensions Act 1995 (PA 1995) and its underlying legislation, which collectively comprise what is commonly referred to as the ‘employer debt legislation’.Broadly speaking, the employer debt legislation provides that a statutory (non-priority) debt will be created in respect of an employer (or employers) participating in a registered defined benefit occupational pension scheme at a time when the scheme is underfunded on the buy-out basis upon the occurrence of one of three triggering events:•the scheme commencing wind-up•an insolvency event (as defined for the purposes of the legislation) occurring in relation to a participating employer, or•in the case of a multi-employer scheme, a participating employer ceasing to employ active members at a time when at least one other employer continues to do so (an ‘employment cessation event’)The statutory debt created under PA 1995, s 75 (a ‘section 75 debt’ or 'employer debt') is owed by the relevant employer to the pension scheme, and is calculated by reference to the...

Who is a former employer for section 75 debt purposes?

Section 75A of the Pensions Act 1995 (PA 1995) and the Occupational Pension Scheme (Employer Debt) Regulations 2005, SI 2005/678 (the Employer Debt Regulations), together with the repealed versions of these pieces of legislation, set out how the s 75 debt regime applies to multi-employer occupational pension schemes.This Practice Note sets out the legal issues surrounding who is a former employer in the context of the s 75 debt regime.Why is the former employer regime relevant?It is important that a company, which participates or has participated in a defined benefit pension scheme, understands what its liabilities are in relation to the scheme. This is particularly the case in relation to a corporate restructuring or transaction where that restructuring or transaction may have an impact on the company’s liabilities to the scheme.The Pensions Regulator’s statement of December 2013 requires schemes to identify their statutory employers and list those employers on the scheme return. A statutory employer for these purposes includes those employers who meet certain criteria including liability to meet a...

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Licence to carry out environmental investigations

Licence to carry out environmental investigations Parties 1 [insert name of licensor] [of [insert address] OR company number [insert company number] whose registered office is at [insert address]] (the Licensor) 2 [insert name of licensee] [of [insert address] OR company number [insert company number] whose registered office is at [insert address]] (the Licensee) 1 Background (A) The Licensor is the registered [freehold OR leasehold] owner of the Property. (B) The Licensee has expressed an interest in [acquiring OR leasing] the Property. (C) The Licensor will permit access to the Property by the Licensee and the Consultant for the purpose of carrying out investigations as to ground conditions at, in, on, under or about the Property, subject to the terms of this Licence. 2 Definitions Competent Authority • means any statutory undertaker or any public local or other authority or regulatory body or government department, or any other body exercising powers under statute or by royal charter or any court of law or any...

Publicity policy—law firms

Publicity policy—law firms 1 Introduction 1.1 Publicity in relation to our firm or any other business must be accurate and not misleading or likely to diminish the trust the public places in solicitors and the legal profession. All publicity material issued by or on behalf of [insert firm’s name] must comply with the SRA Standards and Regulations, the data protection and electronic marketing regime and other legal and regulatory obligations. 1.2 This publicity policy sets out requirements relating to publicity and information on how we will comply with those requirements. It applies to all individuals working at all levels, including partners, consultants, solicitors, other employees (whether permanent, fixed-term or temporary), contractors, trainees, seconded staff, home-workers, casual staff, agency staff, interns and students, agents, sponsors, volunteers or any other person associated with the firm wherever located (collectively referred to as ‘staff’ in this policy). 2 What is publicity? 2.1 Publicity includes, but is not limited to: 2.1.1 all promotional material and activity, including the name or description of...

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If administrators of a policyholder did not notify insurers of a claim against the policyholder within the 28-day time limit stated in the policy, can insurers reject cover?

If administrators of a policyholder did not notify insurers of a claim against the policyholder within the 28-day time limit stated in the policy, can insurers reject cover? It is assumed that the claim would otherwise trigger cover under the insurance policy and that it is a liability insurance policy. Under a liability insurance policy, a notification clause is framed as a condition precedent to indemnity under the policy, to allow insurers to investigate the claim at an early stage. In the absence of a clause allowing for extended reporting of claims notifications, an insurer can rely on a breach of a condition precedent to deny liability, regardless of whether insurers have suffered any prejudice. See Practice Note: Liability insurance—notification of claims and circumstances and defence of claims. It should be noted that the purpose of section 11 of the Insurance Act 2015 relates to terms that define the risk as a whole, and it is to prevent insurers from relying on a breach unconnected to the...

What are unitranche facilities?

What are unitranche facilities? What is a unitranche facility? Leveraged finance transactions are traditionally funded by a mixture of equity, senior debt, mezzanine debt and/or bonds. A unitranche facility is effectively a blend of the senior and mezzanine portion of the financing although it can sometimes covers part of the equity too. Therefore, instead of two facilities agreements, covenant packages, sets of security documents etc, only one is required. Unitranche facilities are more common on mid-market deals. What are the typical terms of a unitranche facility? Unitranche facilities differ from deal to deal but some typical features are: • the facility will be in the form of a term loan; if a revolving credit facility (RCF) is also required it will normally be documented in the same agreement and share the same security package • bullet repayment or possibly with a back ended amortisation schedule • higher margin than senior debt but lower margin than mezzanine debt; margin may be a mixture of cash and PIK...

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LSTA and LMA release updated ESG due diligence questionnaire for investment managers

The Loan Syndications and Trading Association (LSTA) and the Loan Market Association (LMA) have jointly issued an updated version of their ESG Due Diligence Questionnaire (DDQ) for investment managers. The revised questionnaire enhances alignment with global standards, incorporating questions from the UN PRI DDQ for Private Debt Investors to streamline ESG reporting and promote industry convergence.

Insolvency Service publishes monthly insolvency statistics for September 2024

The Insolvency Service has published its monthly insolvency statistics for September 2024 on company and individual insolvencies in England and Wales. The data shows that there were 1,973 company insolvencies, 2% higher than in August 2024 and 7% lower than in September 2023. For individuals, the total number of insolvencies in September 2024 was 10,651, 6% higher compared to August 2024 but 44% higher than in September 2023.

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GLOSSARY

Debt definition

What does Debt mean?

View the related checklists about Debt

Notice of general meeting or annual general meeting—checklist

Family provision claims—table of cases

View the related practice notes about Debt

Compromising section 75 debts—Bradstock agreements

Who is a former employer for section 75 debt purposes?

View the related precedents about Debt

Licence to carry out environmental investigations

Publicity policy—law firms

View the related q&as about Debt

If administrators of a policyholder did not notify insurers of a claim against the policyholder within the 28-day time limit stated in the policy, can insurers reject cover?

What are unitranche facilities?

View the related News about Debt

LSTA and LMA release updated ESG due diligence questionnaire for investment managers

Insolvency Service publishes monthly insolvency statistics for September 2024

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GLOSSARY

Debt definition

What does Debt mean?

View the related checklists about Debt

Notice of general meeting or annual general meeting—checklist

Family provision claims—table of cases

View the related practice notes about Debt

Compromising section 75 debts—Bradstock agreements

Who is a former employer for section 75 debt purposes?

View the related precedents about Debt

Licence to carry out environmental investigations

Publicity policy—law firms

View the related q&as about Debt

If administrators of a policyholder did not notify insurers of a claim against the policyholder within the 28-day time limit stated in the policy, can insurers reject cover?

What are unitranche facilities?

View the related News about Debt

LSTA and LMA release updated ESG due diligence questionnaire for investment managers

Insolvency Service publishes monthly insolvency statistics for September 2024

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