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...

UK corporate restructuring: initial steps and practitioner checklist—due diligence, security review, company searches, IBR/CRO, cashflow, contingency planning and communications

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Initial steps

Whether you are acting for the Debtor, creditor, potential purchaser or a Shareholder—and regardless of the jurisdiction in which the restructuring occurs (see Practice Note: Benefits of various jurisdictions)—the first priority is to gather all relevant security documents and carry out due diligence on the company or the wider group of companies...

On larger restructurings with multiple parties and advisers, it is usual for one party (often the senior lenders) to manage the deal contact list, and you should promptly add your team’s details (phone, email, etc) so early communications can get underway...

You will also be able to identify which firms represent each party, which can be informative—for example, if the bondholders have formed a committee and instructed lawyers, negotiations may become drawn out...

As the objective is to restructure the company, understanding the live-side business is crucial when putting together your internal team. For instance, if you are dealing with a telecoms company, it is helpful to have telecoms specialists available—particularly when determining whether existing key supplier contracts include onerous pricing compared with market standards...

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Web page updated on 22/05/2026

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