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Legal Developments worldwide

Pensions Act 2004 - Clearance an overview, May 2005

August 2007 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

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The Pensions Regulator ("the Regulator") has issued guidance on the matters to consider when corporate transactions requiring clearance, i.e. those which might materially affect the recovery to a pension scheme if the employer became insolvent, are proposed. Failure to consider whether to seek clearance may result in financial contributions to the company's pension scheme being sought not only from parties to the transaction but also from their associates. This could undermine the commercial justification for a transaction or impose an inflexible cash drain. (Lender Briefing - 212717)

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