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Company Law

Analysis - guidance - compliance

20 MAY 2014

RE LEHMAN BROTHERS INTERNATIONAL (EUROPE)

RE LEHMAN BROTHERS INTERNATIONAL (EUROPE)
Chancery Division
David Richards J
14 March 2014

DAVID RICHARDS J:
Introduction
[1] This is an application by the joint administrators of three companies in the Lehman Brothers group. The circumstances which give rise to the application are both unexpected and unusual.
[2] The circumstances are unexpected because when the Lehman Brothers group collapsed in September 2008, it was not anticipated that there would be any surplus of assets once the general body of unsecured creditors of any of the principal companies had been paid. The principal trading company within the group in the United Kingdom and Europe was Lehman Brothers International (Europe) (LBIE) and it is now anticipated that it is likely to have a significant surplus once all unsubordinated proved debts have been paid in full.

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