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Employer Covenants monitoring levels worse than thought

It seems that the number of trustees monitoring employer covenants on a formal and regular basis, is a lot lower than originally thought.

Worrying figures from a recent survey of 800 trustees and 119 schemes, discovered that 37% of those who responded, carry out covenant reviews less than once a year. This is despite the Pensions Regulator’s guidance in 2010 clearly stating that regular monitoring should be scheduled. (more…)

Category : Employer Covenant — Tags: , — admin @ 10:43 am March 30, 2011

10 per cent fall in Corporate Insolvencies

According to recent figures from Experian, corporate insolvencies fell by 10% in January 2011.

During January 2010 1,426 businesses failed but a year on the figure recorded is 10% down on that at 1,266. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , — admin @ 6:36 pm March 24, 2011

Simon Kew lifts the lid on employer covenant for The People Bulletin

With Employer Covenant still hitting the headlines again and again since the November release of The Pensions Regulator’s guidance on ‘monitoring employer support’.

The note from TPR focuses on Defined Benefit schemes where pension provision risk is taken on by the employer and not the employee. This means that the employer takes on maintaining the financial stability of the pension scheme. (more…)

Jackal Advisory covenant expert Simon Kew predicts more debt-for-equity swaps

The debt-for-equity market could mean big business deals, with Uniq leading the way.

It seems that given the recent Uniq debt-for-equity deal, we could see an influx of companies looking to make the swap. (more…)

Category : Employer Covenant — Tags: , , , — admin @ 2:23 pm March 7, 2011

HMV in covenant crisis talks

The music and entertainment retailer HMV have announced that they are likely to break banking convenants as debts mount.

HMV are already in talks with Deloitte regarding debts to lenders including RBS and Lloyds and have issued their fourth profit warning in six months. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , , — admin @ 7:28 pm March 2, 2011