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ARTICLE · 17 NOVEMBER 2010

Regulator Issues First Contribution Notice Determination Against an Individual

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

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The Pensions Regulator’s Determinations Panel has issued an initial contribution notice determination against two individuals with respect to the insolvency of Northern Ireland clothes wholesales/manufacturer Desmond & Sons.

United KingdomEmployment and HR
Caoimhe O'Neill
Caoimhe O'Neill
Michael Jones
Michael Jones

The Pensions Regulator's Determinations Panel has issued an initial contribution notice determination against two individuals with respect to the insolvency of Northern Ireland clothes wholesales/manufacturer Desmond & Sons. If the decision is upheld on appeal, this will be the second contribution notice to be issued, the first one being the Bonas determination in June. However, this will be the first contribution notice imposed on individuals (a contribution notice being a legally enforceable obligation on the party in receipt to pay monies immediately into the pension scheme).

Although the decision is being appealed, it is interesting to note that the Regulator appears to be unafraid to pursue individuals where he believes that relevant circumstances for such notice arise.

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