Statutory discharge meaning

THIS CHECKLIST APPLIES TO OCCUPATIONAL PENSION SCHEMES This checklist highlights the key actions involved in bringing an occupational pension scheme to a close—whether a defined benefit (DB) or defined contribution (DC) arrangement—and aligns with winding-up guidance from the Pensions Regulator (TPR). For fuller detail on these steps, see Practice Notes: Winding up a defined benefit (DB) occupational pension scheme; Winding up a defined contribution (DC) occupational pension scheme; and Winding-up an occupational pension scheme—statutory disclosure from 6 April 2014, reporting and record-keeping requirements. Data cleansing and reconciling records Once trustees decide to wind up the scheme, they should carry out a thorough data cleansing exercise. As this can be lengthy, it should, where practicable, be completed before formal winding-up starts. Where trustees cannot control the timing of the wind-up, cleansing and planning should begin as early as possible within the winding-up process. As part of the data cleansing exercise, trustees should: Check and reconcile member records. Where the scheme is a former contracted-out...

HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC) Background of the dispute After LBIE’s collapse, trading in its debt claims sprang up on a secondary market. The administrators ultimately realised enough assets to discharge all liabilities in full, creating a surplus from which statutory interest on those debts was paid. The Supreme Court determined that the statutory interest arising in the LBIE administration constituted yearly interest and was therefore subject to UK income tax withholding unless an exemption or relief applied (see News Analysis: Administration—Supreme Court confirms statutory interest can be yearly interest (HMRC v Joint administrators of LBIE)). In the circumstances here, a claim against LBIE was transferred by SICL—then in liquidation—to Burlington, via an interim assignment to a broker engaged by SICL’s liquidators to sell the claim. As LBIE’s liquidators had already returned the £142m principal to SICL, the right assigned related solely to unpaid statutory interest of £90.7m. UK income tax of £18.15m was deducted from the interest paid to Burlington. The question...

Original news Hastings Borough Council v Braear Developments [2015] UKUT 0145 (LC) The property was a five-storey Victorian mid-terrace house, converted into five self-contained flats held on long leases. The right to manage was taken over by an RTM company, which then applied to the local housing authority for a grant to fund repairs to the common parts of the building. Approval was granted on the basis that the works would be completed within 12 months; however, the RTM company did not finish within the permitted 12-month period, so the grant was cancelled. The grant application brought the poor condition of the external staircase to the authority’s attention, and the authority served an emergency prohibition order, preventing any use of the staircase. In answer to that notice, the owner of the only two occupied flats on the upper floors carried out limited remedial works. Those measures sufficed to discharge the prohibition order, but following a further inspection the authority served an improvement notice under HA 2004, s 11. The...

Restructuring & Insolvency weekly highlights—7 March 2024 In this issue: Key R&I developments Security review Corporate insolvency processes Personal insolvency Property insolvency Restructuring The office-holder Financial institutions International restructuring and insolvency Daily and weekly news alerts Key dates for R&I professionals New content Key R&I developments Spring Budget 2024—key Restructuring & Insolvency announcements In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, confirmed the scrapping of the administration fee for debt relief orders (DROs). See: LNB News 06/03/2024 89. Economic Crime and Corporate Transparency Act 2023 (Commencement No 2 and Transitional Provision) Regulations 2024 SI 2024/269 Certain provisions of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) come into force on 4 March 2024, 5 March 2024, and 26 April 2024. Of those commencing this week, matters of note for R&I lawyers: (i) refine the...

Introduction This Practice Note forms part of our LLB Contract Law series, carefully tailored with law students in mind. It examines the doctrine governing the discharge of obligations, with particular attention to discharge by performance and by breach, setting these within the wider context of contractual termination. It considers the thresholds for valid performance, such as strict compliance, substantial performance, entire versus divisible obligations, and the importance of time clauses where relevant. It then assesses breach of contract in its forms (actual and anticipatory) and identifies when breach is grave enough to justify termination by the innocent party, with close treatment of conditions, warranties, and innominate terms. The Practice Note also tackles the doctrine of election, the perils of wrongful termination, and the effects of acceptance in sale of goods contracts. Throughout, it weaves in leading authorities and statutory rules to show how the law mediates certainty with fairness. By blending doctrinal exposition with judicial reasoning and critical perspective, the Practice Note aims to equip students with the analytical...

Under the Companies Act 2006 (CA 2006), there are rules governing payments a company makes to a director by way of compensation for loss of office. Because these arrangements are especially susceptible to misuse, they must be approved by shareholders. Their interplay with the general statutory duties of directors is addressed in Practice Note: Directors' duties—scope, nature, interpretation and application. Among those duties is an obligation to inform the board whenever the director has, directly or indirectly, any interest in a proposed transaction or arrangement with their company, specifying the nature and extent of that interest. In relation to: the requirement to disclose an interest in a company transaction or arrangement, see Practice Note: Declaration of a director's interests—the statutory provisions; a director’s ability to participate, whether as a director or as a member, in decisions on such a transaction or arrangement, see Practice Note: Declaration of a director's interests—articles of association For these purposes, ‘director’ covers anyone occupying the role of...

FORTHCOMING CHANGE : On 30 January 2024, the Trusts and Succession (Scotland) Act 2024 obtained Royal Assent, representing the first significant review of trusts law in Scotland in more than a century since the principal Trusts (Scotland) Act 1921. Provisions concerning trusts will commence only when Scottish Ministers introduce the necessary secondary legislation, whereas certain succession provisions came into force on 30 April 2024. The main reforms aimed at modernising the law are outlined in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes covering aspects of Scottish trusts and succession law will be further updated to align with this new legislation. At the outset, note that powers authorise trustees to act and advance the trust purposes, while duties oblige trustees to discharge an obligation. Source of trustees’ powers Trustees derive their authority from both the prevailing law and the relevant deed of trust. Their powers arise from a body of statutory measures, including: Trusts (Scotland) Act 1921 (T(S)A 1921) Trusts (Scotland)...

This Deed is made on [ insert day and month ] 20[ insert year ] Parties [ Insert name of Chargor ], being a company incorporated in England and Wales, with registered number [ insert company number ], and whose registered office is at [ insert address ] (the “ Chargor ”); and 1 [ Insert name of Security Agent ], acting as security agent and trustee for the Finance Parties pursuant to the terms and conditions set out in the [ Facilities Agreement OR Intercreditor Agreement OR Security Trust Deed ] (the “ Security Agent ”). Recitals: (A) The Finance Parties have consented to provide loan facilities subject to the terms and conditions set out in the Facilities Agreement (as defined below). (B) As a condition precedent to the loan facilities becoming available, the Chargor must execute this Deed for the purpose of granting security in favour of the Security Agent in relation to the Secured Obligations (as defined below)...

This Deed is entered into on [ insert day and month ] 20[ insert year ], as of that date Parties [ insert name of Assignor ], a company incorporated in England and Wales with company number [ insert company number ], whose registered office is at [ insert address ] (the Assignor); and [ insert name of Security Agent ], acting as security agent and trustee for the Finance Parties pursuant to the terms and conditions contained in the [ [ Facilities Agreement ] OR [ Intercreditor Agreement ] OR [ Security Trust Deed ] ] (the Security Agent). Recitals: (A) The Finance Parties have consented to provide the loan facilities, subject to the terms and conditions set out in the Facilities Agreement (as defined below). (B) A condition precedent to the availability of the loan facilities is that the Assignor enters into this Deed to provide security in favour of the Security Agent in respect of...

This Assignment is dated [ insert day and month ] 20[ insert year ]. Parties 1 [ insert name of Assignor ], a company incorporated in England and Wales with registered number [ insert company number ], having its registered office at [ insert address ] (the Assignor); and 2 [ insert name of Lender ] of [ insert address ] (the Lender). Background The Lender has agreed to provide a loan facility to the Assignor on the terms and conditions contained in the Facility Agreement (as defined below). As a condition precedent to the loan facility being available, the Assignor must enter into this Assignment to create security in favour of the Lender for the Secured Obligations (as defined below)...

The court holds comprehensive jurisdiction to sanction or decline a financial remedy consent order embodying the parties’ bargain (see section 33A of the Matrimonial Causes Act 1973 (MCA 1973) and the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, 9.26). Yet the court is neither ‘a rubber stamp’ nor a ‘bloodhound’ or ‘forensic ferret’ (see Pounds v Pounds and L v L). Its jurisdiction cannot be excluded. The court undertakes an autonomous and independent evaluation to enable it to discharge and fulfil its statutory duties by reference to the relevant factors set out in the MCA 1973, s 25...