The Court of Appeal has dismissed the application of representative creditors regarding the distribution of a surplus of LBIE’s estate and their entitlement to statutory interest for periods after the administration starting.
This decision is the latest in the series of the Waterfall proceedings which relate to the administration of Lehman’s European business, LBIE. Upon repaying all creditors 100 pence in the pound and settling administration expenses, the administrators of LBIE were left with a surplus estimated at £7.39 billion. The administrators then looked to the court for direction on how to distribute the surplus. However, the number of issues requiring the court’s direction meant the case was split into Waterfall I, Water…
Read the full article at: https://www.out-law.com/en/articles/2017/november/treat-insolvency-rules-as-a-complete-code-for-payment-of-statutory-interest-rules-court-of-appeal/