Trust Assets: Client Update – Intention to Pay Unclaimed Trust Assets into Court - 20/01/2015

As reported in the Joint Administrators’ progress report for the period ended 14 September 2014, we have made material progress in returning client assets and related post-Administration money to clients and further progress has been made in the interim.   The finalisation of the Trust Estate is a 2015 priority and therefore we would encourage all counterparties with remaining custodied positions to engage meaningfully with LBIE to expedite these final returns.

A very small proportion of the remaining client assets yet to be returned are blocked by non-responsive counterparties. As this work stream enters its final stages in order to be able to conclude LBIE’s custodian activities and appropriately curtail the associated costs, we intend to seek a Court order permitting LBIE to pay into Court those client assets that it has been unable to return to the clients for which they are held.

If you think you may have any client assets held by LBIE which have not yet been returned (and where LBIE is not in active dialogue with you) please contact the Communications and Counterparty Management team by emailing generalqueries@lbia-eu.com.

The ongoing delivery of individual client statements will be unaffected by this activity and the resolution of the Pre-Administration Client Money Estate will be addressed separately at the appropriate time.