Insolvency

The administrators of 14 companies in the Lehman Brothers group (the applicants) applied for directions as to the potential liabilities of those companies to make payments to or for the benefit of the Lehman Brothers pension scheme. The Commercial Court held that, on the true construction of the relevant provisions of the Pension Act 2004, contribution notices might be issued under s 47 of the Act to more than one qualifying target which, in aggregate, specified a sum in excess of the maximum shortfall sum, as defined in s 48(2) of the Act and there might be recovered, under such contribution notices an aggregate sum in excess of the shortfall sum.