Gov't Amends Insolvency Bill To Tackle Pensions Concerns
Law360, London (June 22, 2020, 12:21 PM BST) -- The government has amended proposed legislation for the way in which insolvencies operate to give pensions bodies a "seat at the table" in restructuring negotiations, after an industry lobby group raised concerns.
The Department for Work and Pensions said Friday that it has introduced the amendment on the Corporate Governance and Insolvency Bill after listening to the sector.
The Pensions and Lifetime Savings Association said on June 15 that the original wording of the legislation would allow bank lenders to be "higher up the pecking order" than employee pensions in the queue for recovering cash from an insolvent company.
The Bill, described as...
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