Lehman Brothers International (Europe) - in Administration - Resignation and Replacement of Joint Administrators - 1 December 2021

As a consequence of Russell Downs retiring from PwC LLP on 31 December 2021, and pursuant to a court order dated 16 November 2021, Russell Downs (the “Outgoing OfficeHolder”) will be removed from office as administrator of Lehman Brothers International (Europe) - in Administration ("LBIE"), to take effect on the fourteenth day after the date of the Order.

The Outgoing Office-Holder will be replaced with Alison Campbell Grant and David James Kelly to take effect on 30 November 2021.  Edward John Macnamara and Gillian Eleanor Bruce will remain in office as Joint Administrators. 

The Outgoing Office-Holder will be discharged from all liability in respect of his acts and omissions and otherwise in respect of his conduct as administrator of LBIE, 28 days after advertisement of the Order in the London Gazette. 

Russell Downs has made a very significant contribution to the success of the Administration over many years, most notably the approval, sanction and implementation of the Surplus Scheme, which enabled the distribution of the LBIE surplus to creditors and now shareholders. The strategies put in place by Mr Downs have led to the resolution of a number of significant matters such that the Administrators now consider that the objective of the Administration is to rescue the company as a going concern and hand back control to its directors in due course.

If any interested party requires more information, please contact LBIE’s Communications and Counterparty Management team  at generalqueries@lbia-eu.com