Brass Trustees Ltd v Goldstone & Anor [2023] EWHC 1978 (Ch) (31 July 2023)

Brass Trustees Ltd v Goldstone & Anor [2023] EWHC 1978 (Ch) (31 July 2023)

The Trustee's decision to issue winding-up petitions for the Scheme's sponsoring employers was a proper exercise of its powers, taken after full consideration of relevant financial circumstances, Scheme Drift, PPF Drift, and fiduciary duties. The Trustee acted rationally, reasonably, and without conflict of interest, and did not improperly take the existence of the PPF into account. The court approved the Decision as meeting the legal threshold for trustee applications for direction.

Citation
[2023] EWHC 1978 (Ch)
Parties
Claimant: BRASS Trustees Ltd; First Defendant: Hayley Goldstone; Second Defendant: The Board of the Pension Protection Fund
Jurisdiction
England and Wales
Judgment Date
31 July 2023
Procedural Posture
Part 8 Claim / Judgment on Application for Court Approval of Trustee Decision
Outcome
Court approved the Trustee's decision to issue winding-up petitions for Biwater Holdings Ltd and Biwater International Ltd.
Legal Topics
Trustee Powers, Court Approval of Trustee Decisions, Pension Scheme Winding Up, Scheme Deficit, PPF Compensation, Fiduciary Duties
Trusts Pensions Insolvency Trustee Powers Court Approval of Trustee Decisions Pension Scheme Winding Up Scheme Deficit PPF Compensation +1 more

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Parties

BRASS Trustees Ltd

Claimant

Hayley Goldstone

First Defendant

The Board of the Pension Protection Fund

Second Defendant

Procedural Posture

Part 8 Claim / Judgment on Application for Court Approval of Trustee Decision

Legal Issues

  1. 1 Whether the trustee's decision to issue winding-up petitions for sponsoring employers is a proper exercise of its powers
  2. 2 Whether the trustee has taken into account all relevant factors and ignored irrelevant ones
  3. 3 Whether the existence of the Pension Protection Fund (PPF) is a relevant consideration for the trustee

Ratio Decidendi

The Trustee's decision to issue winding-up petitions for the Scheme's sponsoring employers was a proper exercise of its powers, taken after full consideration of relevant financial circumstances, Scheme Drift, PPF Drift, and fiduciary duties. The Trustee acted rationally, reasonably, and without conflict of interest, and did not improperly take the existence of the PPF into account. The court approved the Decision as meeting the legal threshold for trustee applications for direction.

Court Disposition

Court approved the Trustee's decision to issue winding-up petitions for Biwater Holdings Ltd and Biwater International Ltd.

Orders

  • Trustee is authorised to issue winding-up petitions for Biwater Holdings Ltd and Biwater International Ltd.
  • Rep Ben (Hayley Goldstone) appointed to represent members and beneficiaries pursuant to CPR, Part 19.9(2).