Waterfall II Application

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The Joint Administrators continue to provide regular information updates on this website regarding an application to Court for directions in relation to a number of issues (39 different questions) concerning entitlements to the surplus in the LBIE Estate. The UK High Court directed that the 39 matters should be divided into the following 3 tranches, each to be subject to a separate timetable:

  1. Tranche A dealing primarily with insolvency law matters;
  2. Tranche B dealing with matters concerning the effect of release clauses in post-Administration contracts; and
  3. Tranche C dealing with cost of funding matters, principally arising in respect of claims under ISDA Master Agreements.

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