Occupational pension schemes often constitute a significant part of liabilities in the event of the employer’s insolvency and therefore play a fundamental role in insolvency proceedings for all involved stakeholders (insolvency administrator, employer/insolvent debtor, pension beneficiaries, the German Pension Protection Funds (“PSV”), investors in the event of continuation of companies’ business after closing of insolvency procedure. In practice, challenges arise in relation to occupational pension schemes operated by way of direct commitments that are fully or at least partially financed by the (now insolvent) employer and funds held in a contractual trust agreement (CTA). On the one hand, an insolvency administrator, the…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
