Update - Other Surplus Litigation - Witness Evidence of LBIE and Barclays - 22 September 2017

On 7 September 2016, the Joint Administrators announced they had issued an application to Court for directions, pursuant to paragraph 63 of Schedule B1 of the Insolvency Act 1986, in relation to the treatment of claims received from Barclays Capital Inc (“BCI”) (the "Application").

On 29 November 2016, a case management conference (the “CMC”) in respect of the Application was held before Mr Justice Hildyard. Following the CMC, the Judge approved a directions Order sealed on 16 December 2016 (and subsequently amended by the consent orders dated 10 March 2017, 25 May 2017 and 27 July 2017 (the “Order”)).

In accordance with the Order:

• on 11 August 2017, the Joint Administrators filed the Twelfth Witness Statement of Russell Downs (“Downs 12”), setting out factual information in respect of the Application. A copy of Downs 12 can be found here, together with the accompanying Annexes which can be found here;
• on the same date, BCI filed the Witness Statement of Todd Thomas (“Thomas 1”), a copy of which can be found here. Copies of the exhibit to both Downs 12 and Thomas 1 can be provided on request; and
• on 15 September 2017, the Joint Administrators filed the Thirteenth Witness Statement of Russell Downs (“Downs 13”), providing further factual background supplementary to that provided in Downs 12 and in response to Thomas 1. A copy of Downs 13 can be found here.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.