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Insolvency

Administration - Distribution of assets - Ranking of claims - Determination of issues raised by joint administrators of three companies In re Lehman Bros International (Europe) (in administration) (No 4) [2015] EWCA Civ 485; [2015] WLR (D) 218

26 May 2015

CA: Moore-Bick, Lewison, Briggs LJJ

• 14 May 2015

The Court of Appeal made rulings following determination of issues raised in the administration of three companies as to the potential liability of two members in the group for the liabilities of the principal trading company, an unlimited company, and in particular its subordinated liabilities, and the relationship between their liability, if any, as members and their claims as creditors.

On 14 March 2014 David Richards J [2014] EWHC 704 (Ch); [2015] Ch 1 determined a number of issues on an application by the respective joint administrators of Lehman Bros International (Europe) ("LBIE") and of its two members, Lehman Bors Ltd ("LBL") and Lehman Bros Holdings Intermediate 2 Ltd ("LBHI2") in circumstances where it was now anticipated that LBIE was likely to have a signi...

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