Client Money Update - High Court Application Regarding Post Administration Money - 14/10/09

This update concerns the recent hearing in the High Court to determine the treatment of certain money received by LBIE after the time it entered administration ("Post Administration Money"). Further background to the Application is set out in our updates of 17 July 2009, 18 September 2009 and 2 October 2009.

The hearing of the Application took place before Mr Justice Briggs at the Royal Courts of Justice from 6-8 October 2009. Submissions were made by RAB Market Cycles (Master) Fund Limited as prime brokerage respondent and Hong Leong Bank Berhad as representative respondent for the general estate creditors. The Joint Administrators also made submissions.

Mr Justice Briggs reserved judgment on this Application.

The Joint Administrators will post a further update on this website when the Court has provided its judgment.  Please continue to check the website for information on this and other matters relating to the administration of LBIE.

Please direct any questions you may have with respect to the above to clientpositionresponses@lbia-eu.com.