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ARTICLE · 17 JUNE 2011

Pensions Regulator Settles Bonas Case

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The Pensions Regulator (TPR) has confirmed that it has issued its first contribution notice (CN) in respect of the Bonas Machine Company Limited's group pension scheme (Bonas), after reaching a settlement with Bonas' parent, Michel Van de Weile NV (MVW).

United KingdomInsolvency/Bankruptcy/Re-Structuring
Ashely Katz
Ashely Katz
Martin Scott
Martin Scott
Devi Shah
Devi Shah
Jessica Walker
Jessica Walker
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Keywords: pensions regulator, TPR, Bonas, pensions liabilities, contribution notice

The Pensions Regulator (TPR) has confirmed that it has issued its first contribution notice (CN) in respect of the Bonas Machine Company Limited's group pension scheme (Bonas), after reaching a settlement with Bonas' parent, Michel Van de Weile NV (MVW).

Background

TPR's exercise of its power to issue a CN arose after MVW bought the Bonas business on a pre-pack sale, leaving behind the pensions liabilities. TPR issued a CN against MVW in the sum of £5.089 million (TPR had originally sought a payment of £23 million). MVW asked for the determination to be struck out.

The Appeal

The strike out appeal failed. However, Mr Justice Warren commented that there were questions about the amount of the CN. He noted that only in "the most exceptional circumstances" would it be reasonable for a CN to be for more than the amount by which the act or omission had prejudiced the

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