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Legal Update

Court of Appeal Confirms Financial Support Directions Issued in Insolvency have Super Priority

17 October 2011
Mayer Brown Legal Update
The Court of Appeal has confirmed that the costs of complying with Financial Support Directions (“FSDs”) proposed to be issued to certain Nortel and Lehman companies by the Pensions Regulator (“TPR”) qualify as “super priority” administration expenses, payable in priority to unsecured creditors, floating charge holders and the administrators’ own fees.

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