25 July 2013
Nortel and Lehman
No super-priority for financial support directions and contribution notices in corporate insolvency.
In an important decision for the "rescue culture", the Supreme Court has overturned the previous decisions of the lower courts in Nortel and Lehman [2013 UKSC 52] and provided much needed clarity on the priority that should be afforded to Financial Support Directions (FSDs) issued after the onset of administration proceedings.
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