The Pension Protection Fund (PPF) has published interim guidance on the Corporate Insolvency and Governance Act 2020 around the newly-introduced concepts of moratorium and financial difficulty mitigation arrangements.
Under the act, a moratorium can be initiated by the directors of a company that, among other things, suspends payments of most historic debts and prevents action being taken by the creditors, including pension schemes, to recover sums due for 20 days.
The PPF said it expects company directors to fully engage with scheme trustees, the PPF and The Pensions Regulator (TPR), who are entitled to receive notice of the moratorium.
It also expects to be provided with all the relevant information necessary to permit the proper managem…
Read the full article at: https://www.pensionsage.com/pa/PPF-publishes-insolvency-act-interim-guidance.php