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Re: MG Rover 'not in administration'

To: "MG List" <mgs@autox.team.net>
Subject: Re: MG Rover 'not in administration'
From: "Mike L" <renoman@sympatico.ca>
Date: Sat, 9 Apr 2005 14:15:34 -0400
USA federal bankruptcy law treats the priority of creditors in this order:

Secured claim by lien, ie a mortgage holder
Priority unsecured claims (incl receivers admin fees, employees
wages/commissions, benefit plan contributions, farmers'/fishermens' claims,
personal prepaid purchases, alimony/child support and any taxes owed, more
or less in that order)
General unsecured claims, incl suppliers
Various late claims, damages and lost interest
The debtor

I don't see any special treatment for directors' pension funds. As a matter
of fact, up here in Canada, directors can be personally sued for unpaid
wages, environmental liabilities etc. UK may be different again.

Mike, 60 MGA


----- Original Message ----- 
From: "Paul Hunt" <paul.hunt1@blueyonder.co.uk
>The directors pension fund is held in trust and so  ring-fenced and cannot
be used to settle MG Rover debts ...




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