![]() There is now an established principle that debtors cannot protect assets in pension funds when they have a right to make withdrawals which could be used to satisfy a judgment debt. In recent years, there have been several cases in which a pension saver has been compelled by the Court to access their pension fund to pay a creditor. The court held that White should not be entitled to retain his pension, derived entirely from company monies, whilst the judgment debt entered against him remained wholly unpaid. The court directed payment of the respondent's pension pot to a nominated UK bank account in the respondent's name, and there was thus no contravention of the prohibition in section 91 of the Pensions Act 1995 as the respondent was not restrained from receiving his pension benefits but rather the opposite: the payment of the pension pot was made to the respondent, rather than remaining within the scheme wrapper. ![]() (Note 1), Finance-related costs paid to the. Wionczek, Luciano Tomassini, Politics And Economics Of External Debt Crisis, page 403: In order to stem the drawdown of gold. Revolving Loan Facility: A revolving loan facility is a financial institution that lets the borrower obtain a business or personal loan where the borrower has the flexibility to drawdown, repay. Long-term refers to borrowings that have a period of over one year from the drawdown date to the maturity date. The respondent had not made a bankruptcy application. This imbalance causes the buildup of inventories during the summer months when consumption is low and the drawdown of inventories during the winter months when consumption is much higher. Key words ageing, downsizing, housing equity. ![]() The debt, and other substantial sums, were due to the company's creditors, including the claimant. Assets, debt and the drawdown of housing equity by an ageing population. Judgment for breach of fiduciary duty, namely causing the company to make payments for his own financial benefit, had been obtained. The Issuer may from time to time grant security by way of a first fixed charge over amounts representing all or part of the Unfunded Amount of any Revolving Debt Investment or Delayed Drawdown Debt Investment and deposited in its name with a third party as security for any reimbursement or indemnification obligation of the Issuer owed. In the 20 months leading up to the company’s liquidation, White had made numerous payments out of company assets, including the purchase of luxury cars and holidays, expenditure on his own and his son’s properties, and the acquisition and operation of a helicopter. Examples of Delayed Drawdown Debt Investment in a sentence. The order was granted against White, a defaulting director of a company which had gone into liquidation in 2016, then subsequently into a creditors’ voluntary liquidation process. In Manolete Partners Plc v White, the High Court granted the claimant’s application to require a pension scheme member to drawdown pension benefits to satisfy an unpaid judgment debt of some £996,000 for breach of director's duties.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |