There is another aspect of this situation which I am of the opinion would also prove fatal to the liquidator’s position. That arises from the special nature of the pension rights affecting the pension assets in the administrator’s hands. The administrator says it is a trustee for the pension fund assets and that the individual plan members against whom it is sought to apply Cherry v. Boultbee have no clear rights to the amounts received or receivable from the liquidator except under the provisions of the pension plan.
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