In the context of the global insolvency of Nortel Networks, the UK Pension Claimants (UKPC) asserted multiple claims against the Canadian debtors (NNC and NNL).
The UKPC claimed for a contingent Financial Support Direction (FSD) under UK pension law, amounts under a Funding Guarantee and a Swift Guarantee, and remedies for oppression and unjust enrichment.
The court dismissed the FSD claim as too remote and speculative to constitute a provable claim in the CCAA proceedings.
The court also dismissed the claims under the Swift Guarantee, oppression, and unjust enrichment.
However, the court allowed the UKPC's claim under the Funding Guarantee, finding NNL liable for £339.75 million.
