To do this in the case of a dual trust, it is not enough to agree on a single administrative trust between the agent and the administrator, as this does not sufficiently separate the assets from those of the administrator in the event of insolvency. In an administrative trust fund, the President`s estate is managed by the agent in the name and benefit of the settlor. Such trust will cease to exist in the administrator`s insolvency through legal conduct. In order to sufficiently separate the assets of the trust from the assets of the Settlor simt, it is necessary to set up, in addition to this administrative trust, an agent responsible for security between the agent and the beneficiary of the trust. This requires an explicit trust agreement that gives the recipient the right to claim against the agent, without the Settlor being able to interfere with that right. As a result, the beneficiaries are able to allow the agent to demand separate satisfaction in favour of the beneficiary in the event of a default of the settlor. In their attempts to ensure the liquidity needed for their operations, companies are currently looking for sources of internal liquidity. Trust trust trusts and trusts (CTAs) are sometimes identified as a potential source. To this end, the agent should return the corresponding CTA assets to the company. A contractual trust contract is established as a dual trust with two different positions of trust: – The closure of the retirement system for newcomers, i.e.
a «licence stop» for future recruitments, is relatively easy to implement. If the pension system is based on an enterprise committee agreement, this usually requires a replacement agreement with the relevant works council or a unilateral termination of the enterprise contract with explicit effect for newcomers. With respect to pension plans that the employer unilaterally issues to staff (general personnel obligations – overall commitments), a general announcement of closure is generally sufficient. Contractual trust agreements or, in short, ACCORDS are the standard instrument for financing pension obligations in the form of direct commitments. From the employer`s point of view, this is primarily used to take stock, but also to ensure private protection against pension rights that do not fall under the legal protection against insolvency (through the PSV) under Article 7 and following the Occupational Pensions Act (BetrAVG). In practice, dual-sided CTS have become the norm of the market, at the latest since the federal labour court (Bundesarbeitsgericht – BAG) of 18 July 2013 (6. AZR 47/12). In that case, the OFSP accepted the opposition to the insolvency of a dual-sided CTA when it comes to the protection against insolvency of the credit assets of part-time workers with older workers. The dual-face ATC includes the agent`s administrative trust relationship with the employer for the management of the trust, as well as the security trust between the agent and the pension recipient, which is intended to meet the occupational pension obligation in defined security cases.
Following X`s bankruptcy, a former employee stated that the agent was entitled to a separate satisfaction to his advantage in the event of X`s insolvency on the basis of the trust contract.