The recent case of "Pension Benefit Guaranty Corporation v. Asahi Tec Corporation" [No. 10-1936 (ABJ) March 14 2012] in the US Federal courts has raised the unexpected risk that a non-US parent company of an insolvent US subsidiary could find itself liable for the deficit in the subsidiary’s pension scheme solely on the basis of its ownership interest in the subsidiary at the date the scheme is terminated.