Terminating of a pension in bankruptcy

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If a company or municipality requests the terminating of a pension in bankruptcy, the court first has to determine that the company/municipality is otherwise insolvent. The company/municipality does not get to decide that for themselves, and they do not get to terminate the pension without court approval. If the court determines that the paying the pension system would make the company insolvent, , then and only then will the court allow it. From an ethical standpoint, would it be better if the company or municipality simply defaulted and everyone lost everything?

Reference no: EM13830661

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