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Thrells Ltd v Lomas (1992)


Distribution of surplus in insolvent company's pension fund.


Application by liquidator of company in voluntary winding up with a deficiency of £2 million as to company's powers as sole trustee of the pension fund to alter the rules by ensuring that a surplus of £505,000 in the fund might be paid over to the company.


Rule 14 (ii) was in terms inconsistent with the company retaining any right to change the rules in winding up. Section 11(3) Social Security Act 1990 precluded an employer from taking or receiving any surplus until provision was made for the limited price indexing of pensions had been satisfied.

Chancery Division
Sir Donald Nicholls VC
Judgment date
31 July 1992

​(1993) 1 WLR 456 : (1993) 2 All ER 546 : (1993) BCC 441 : [1992] OPLR 21 : [1993] PLR 227


Practice areas