Substantive consolidation meaning

In this issue: Pension Schemes Bill Taxation Trustees, governance and administration Members and benefits Daily and weekly news alerts Dates for your diary Trackers Pension Schemes Bill House of Lords examines Pension Schemes Bill provisions on VfM, small pots consolidation, scheme scale and asset allocation The House of Lords Grand Committee resumed scrutiny of the Pension Schemes Bill on Thursday 22 January 2026 and Monday 26 February 2026. On the fourth day of Grand Committee, Thursday 22 January 2026, peers conducted a detailed review of the value for money (VfM) framework, consolidation of small pots, scheme scale requirements and the reserve power to direct asset allocation. Proceedings confirmed the government’s legislative approach: broad enabling powers in primary law, with the substantive detail to follow through regulations, consultations and guidance. Despite sustained questioning from peers on fiduciary duty, proportionality, market impact and member protection, the Bill was left unchanged. All examined Clauses were approved, with core...

Tesseract International Pty Ltd v Pascale Construction Pty Ltd [2024] HCA 24 What are the practical implications? On complex, multi-party undertakings like construction, parties can draft for joinder or consolidation of arbitrations across interlinked contracts, allowing a claimant to pursue recovery against all contributors to its loss within a single reference or co-ordinated proceedings. Another pathway is to contract out of the proportionate liability regime, making one contributor answerable for the entire loss, irrespective of its share, leaving that party to seek contribution from others. If neither mechanism is adopted, the probable outcome is that the claimant will target either the principal wrongdoer or the party with the deepest pockets in the arbitration (where an arbitration agreement exists), and then initiate separate actions against any additional contributor with a realistic capacity to satisfy a judgment. As Justice Steward observed, the outcome of this appeal underscores the constraints of arbitration. This case therefore signals careful drafting for dispute resolution clauses...

This glossary sets out numerous expressions frequently encountered in the restructuring arena. Words appearing in the definitions in bold are explained in other entries in this glossary. For further banking terminology, see the principal Banking & Finance Glossary. Restructuring glossary—A Acceleration: Acceleration means the agent, acting on directions from the majority lenders after an event of default, takes formal action, for example calling for early repayment of the facility. Ad-hoc committee: A temporary creditors’ group (often contrasted with a formal committee) that lacks any entitlement to official recognition. Administration: A process under the IA 1986 in which a financially distressed company is operated by an administrator as a going concern before longer-term outcomes, such as break-up and sale, are pursued. Administrator: An Insolvency Practitioner named by the court, a Qualifying floating charge holder, the directors or the company, to take control and fulfil one of the purposes in IA 1986, Sch B1. Administrative receivership: Arises when a company breaches the terms of...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

Background In October 2011, an independent advisory panel was created to examine how the planning system in Wales was being delivered in practice. By 2014, the panel concluded that a comprehensive ‘root and branch’ overhaul was unnecessary, though it proposed a series of measures to enhance the system as a whole. This process culminated in the Planning (Wales) Act 2015 (P(W)A 2015), which formally obtained Royal Assent on 6 July 2015 and—save for one principal exception—is, in practical terms, now substantially in force, for the most part, following its detailed commencement provisions and seven Commencement Orders, the most recent issued in 2021. The exception concerns the facility to apply directly to the Welsh Ministers for planning permission under P(W)A 2015, s 23, which is commenced only so far as is needed to permit the making of regulations or orders at this stage. P(W)A 2015 chiefly granted powers to make rules and delivered substantive reforms by amending the principal planning statutes, namely the Town and Country Planning Act 1990 (TCPA...