Lehman Brothers were the fourth largest investment bank, and their collapse was one of the defining moments of the 2008 financial crisis. PwC were appointed as administrators.
100p/£1 returned - £36bn of cash and assets. And a further £7bn surplus.
The largest, most complex and successful insolvency in history. Has involved litigation in the High Court, ten cases before the Court of Appeal, and six hearings before the Supreme Court.
A myriad of new legislation and new powers of intervention built directly from the lessons learned as a result of the Lehman administration. Our partners, staff, legacy Lehman people and specialist advisors have made a significant global impact on subsequent insolvency matters, regulators, central banks and governments.
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2,000 PwC partners and staff from 17 business areas, with 500 mobilised in the first week, responding to investigations, discovery motions, litigations, HR matters and regulatory requests.
PwC provides industry-focused services. Much of the success of the Lehman Administration was due to our ability to immediately bring in specialists we have previously worked with in Assurance, Consulting, Deals, Forensic Services, Legal, People, Risk and Tax. Our experienced staff, combined with our global network, allow us to provide the support you need.
“Unwinding the world's largest and most complex insolvency has required a broad range of skills and expertise. This has only been possible through the hard work and professionalism of the PwC team, Lehman employees, various legal advisers and other stakeholders. At the time of the global financial crisis, few would have imagined the success of the insolvency and the scale of recoveries for creditors, with many receiving payment in full including statutory interest. I'm exceptionally proud to have played a part in helping solve the vast array of issues and enable repayments to be made to so many.”
Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom
Tel: +44 (0)7974 332659