Update – Waterfall II Application (the “Application”) – Tranches A and B – Court of Appeal – Oral Hearing – 26 July 2017

Following the handing down of the Waterfall I judgment by the Supreme Court on 17 May 2017, an oral hearing was held before Lady Justice Gloster, Lord Justice Briggs and Lord Justice Patten on 25 July 2017, to consider the impact of the Supreme Court judgment on the Waterfall IIA and B proceedings. 

The following written submissions in respect of the impact of the Waterfall I Supreme Court judgment were filed and served in advance of the oral hearing: 

• Wentworth's written submissions dated 16 June 2017; 

• Senior Creditor Group's written submissions dated 30 June 2017;

• York's written submissions dated 30 June 2017; and

• Wentworth's reply written submissions dated 11 July 2017

The Joint Administrators did not file any written submissions.  

The parties engaged a transcriber to produce a transcript of the hearing. 

The transcript produced can be found below.  

• Daily transcript - Tuesday 25 July 2017

Please note that:   

• the transcript is published in the form received from the transcriber (i.e. prior to review by any party to the Application and without corrections);  
• the parties reserve the right to post amended versions of the transcript should they consider it necessary, but accept no responsibility for doing so; and  
• the LBIE administrators are posting such transcript solely for the convenience of interested third parties and neither they nor any other party to the Application makes any representation as to the accuracy of such transcript nor accepts any responsibility for any inaccuracies contained within it.

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