Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Debt definition

What does Debt mean? Debt, in pensions practice, is the sum an employer must pay to an occupational defined benefit pension scheme to meet any funding shortfall when the employer ceases to participate or the scheme winds up. In England & Wales and Scotland, this employer debt (commonly the section 75 debt) is a statutory liability under section 75 of the Pensions Act 1995 and the Occupational Pension Schemes (Employer Debt) Regulations 2005. It is typically calculated on a buy-out basis (the estimated cost of securing members’ benefits with an insurer) and becomes immediately due to the trustees on a trigger such as...

Advising English law bond trustees on DCM transactions—roles, indemnities, enforcement and special issues (New York indentures, sovereign, securitisation, retail)

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Practice notes

This Practice Note sets out guidance on how trustee’s counsel would ordinarily approach the review of bond documentation, detailing the areas to scrutinise and the specific points counsel should flag in those papers and related documentation. It also provides an overview of the trustee’s function within a debt capital markets (DCM) transaction, explores the principal concerns for trustees during the negotiation of the documents, considers the issues that can arise in connection with an enforcement, and gives a summary of further matters that may arise for particular types of bond issuances. Unless stated otherwise, this Practice Note addresses only transaction structures involving English trustees acting pursuant to English law‑governed trust deeds, in relation to debt securities issued on a standalone basis.

Overview of the trustee’s role

The trustee is an entity appointed by the issuer to represent the interests of bondholders, acting as the intermediary between the issuer and the bondholders...

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Charles Farnsworth

Baker McKenzie

A New York and Illinois-qualified US lawyer, Charles has practiced in London at both Allen & Overy and currently at Baker McKenzie. He represents issuers and investment banks in capital markets transactions, on matters of US securities law, New York law and transaction management in connection with international offerings of both debt and equity securities. These include SEC-registered offerings, 144A offerings and other private placements involving issuers, investors and financial institutions in Europe, Africa, the Middle East and the United States....

Web page updated on 21/05/2026

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