Lehman Brothers Holdings plc (in administration)

This site provides information regarding the progress of the administration of Lehman Brothers Holdings plc (“LBH”) and will be updated as and when new information becomes available.

LBH entered administration on 15 September 2008. The current Joint Administrators are DA Howell, GE Bruce, ID Green, R Downs and EJ Macnamara. The Joint Administrators manage LBH’s affairs, business and property as agents without personal liability. All the Joint Administrators (the “Administrators”) are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

DA Howell, GE Bruce, ID Green, R Downs and EJ Macnamara are Data Controllers of personal data as defined by the Data Protection Act 1998. The Administrators may act as controllers of personal data as defined by UK data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the Administrators. Personal data will be kept secure and processed only for matters relating to the Administrators' appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Administrators.

LBH Claim Submission Information

The Administrators applied to Court for permission for LBH to become a distributing administration. That permission was granted on 2 May 2014, and LBH now has a formal legal process for agreeing creditors’ claims. Therefore, we have provided a LBH Statement of Claim form which can be downloaded here, and we encourage all creditors to submit their claims in short order. The Administrators request that all claimants use this form for consistency, and all claims should be submitted with full supporting documentation. Please execute your Statement of Claim and upload as a PDF and email to the following address: Lehman.affiliates@uk.pwc.com.

Updates

LBH and LBHI2 announcement following release of the High Court's judgement in the Subordinated Debt Proceedings

This announcement is made on behalf of LBH and LBHI2 and their respective officeholders, following the handing down of Mr Justice Smith’s judgment in the Subordinated Debt Proceedings on 3 July 2020.  Capitalised terms are defined at the end of this announcement.  

Mr Justice Smith’s judgment follows a hearing in November 2019. The High Court has delivered a ruling on a number of issues, being the relative ranking of subordinated debt instruments issued by each of LBHI2 and LBH, the question of whether or not certain subordinated claims in LBH held by LBHI have been released, and the issue of whether or not the LBH Sub-Notes should be discounted. 

Summary of the judgment

The findings of Mr Justice Smith are as follows:  

  • at LBHI2, LBH’s subordinated debt claim ranks senior to that of SLP3;  

  • at LBH, the LBH Sub-Notes and the claim of LBHI rank pari passu; 

  • LBHI’s claim against LBH was not released by the terms of the 2011 Settlement Agreement between (among others) LBH and LBHI; and 

  • the LBH Sub-Notes are subject to the discounting mechanism set out in the Insolvency Rules 2016. 

A copy of the judgment and a more fulsome summary of it can be found below:

Court Judgment

Short summary

A hearing to deal with consequential issues has been listed for 24 July 2020.

Commercial consequences

Subject to any appeal, the judgment provides greater clarity as to the payment flows within the UK Lehman group. 

In addition, there are other commercial matters which will have a bearing on what the final outcomes for creditors of the UK Lehman group will be.  These include: 

  • the quantum of further distributions by LBIE;

  • the quantum of expense liabilities in various UK Lehman estates, including in relation to tax; and

  • the outcome of the US Clawback Litigation. 

Each of the items set out in the non-exhaustive list above contributes, along with the matters determined in the judgment, to the complexity in forecasting the final outcome for creditors. The administrators of LBH are preparing an assessment of the potential economic outcome, applying the principles of the judgment and certain other assumptions, where necessary, and expect to share this information in due course.

Scope for a consensual resolution

The judgment provides interested parties and stakeholders with an opportunity to consider the benefits of pursuing a consensual resolution of the issues in the Subordinated Debt Proceedings and all remaining open issues across the UK Lehman estates.  

The administrators of LBH and LBHI2 believe there is merit in exploring views of stakeholders regarding a consensual resolution to these issues and wish to engage with key parties towards this objective.  

Parties who have an interest in participating in these discussions are invited to contact the administrators of LBH at lehman.affiliates@uk.pwc.com

Definitions

LBH means Lehman Brothers Holdings Plc (in administration). 

LBH Sub-Notes means four sets of subordinated notes issued by LBH to certain limited partnerships in 2005 and 2006. 

LBHI means Lehman Brothers Holdings Inc.

LBHI2 means LB Holdings Intermediate 2 Limited (in administration). 

LBIE means Lehman Brothers International Europe (in administration). 

SLP3 means Lehman Brothers Holdings Scottish LP3. 

Subordinated Debt Proceedings means the application of the administrators of LBHI2 for directions, such application having claim number CR-2009-000052, and the application of the LBH Administrators for directions, such application having claim number CR-2008-000026, in relation to the (among other things) the relative priority of subordinated claims in each estate. 

US Clawback Litigation means an adversary proceeding in the U.S. Bankruptcy Court for the Southern District of New York filed by Lehman Brothers Holdings Inc. on April 30, 2019 against each of LBHI2, Lehman Brothers Limited (in administration), Eldon Street Holdings Limited (in administration) and MBAM Investor Limited. 


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – Court Judgment

Following a 2 week hearing before Mr Justice Marcus Smith in November 2019 a Judgment running to over 150 pages was handed down on 3 July 2020. Attached is the Judgment, together with a short summary prepared by Hogan Lovells who act for the LBH administrators in the proceedings. There will be a further hearing on 24 July 2020 to address consequential issues arising from the Judgment.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – daily transcripts

The parties have engaged a transcriber to produce daily transcripts of the LBH and LBHI2 Applications. The transcripts produced so far can be found below. Moving forward, the LBH administrators intend to post each daily transcript on the LBH website the following business day.

Please note that:

  • The transcript is published in the form received from the transcriber (i.e. prior to review by any party to the Applications 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 LBH administrators are posting such transcript solely for the convenience of interested third parties and neither they nor any other party to the Applications makes any representation as to the accuracy of such transcript nor accepts any responsibility for any inaccuracies contained within it.

Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – 11 November 2019

We refer to various previous updates which the LBH Administrators have published in respect of the LBH Application and the LBHI2 Application.

As noted in our update of 15 October 2019, the combined trial of the LBH Application and the LBHI2 Application commenced today, 11 November 2019. In the lead-up to the trial's commencement, the parties to the Applications exchanged their Skeleton Arguments, copies of which appear below:

Should you have any queries regarding this update, please contact lehman.affiliates@uk.pwc.com. The Joint Administrators of LBH will continue to communicate with you through this website on relevant matters relating to the LBH Application.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – 15 October 2019.

We refer to various previous updates which the LBH Administrators have published in respect of the LBH Application and the LBHI2 Application.

In our update of 2 August 2019, we noted that a pre-trial review hearing was anticipated to be held during the week of 14 October 2019. In the lead up to that scheduled hearing, the parties to the Applications reached substantive agreement as to the matters that would have been considered at the pre-trial review hearing, such that they agreed that the hearing was no longer required. The pre-trial review hearing was therefore cancelled.

The combined trial of the LBH Application and the LBHI2 Application will commence in the week of 11 November 2019, with pre-trial reading days scheduled to be held on 7 and 8 November. The trial, including the pre-trial reading, is expected to last up to 12 days. We currently expect the timetable to be broadly as follows:

  • Day 1 - 2: Pre trial reading - 7 and 8 November
  • Day 3 - 4: Openings by LBHI2, LBH, LBHI/SLP3, Deutsche Bank A.G. (London Branch)
  • Day 4 - 7: Key witnesses
  • Day 8: Break
  • Day 9 - 12: Closings

The LBH Administrators will continue to publish updates on the progress of the litigation as appropriate.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – 2 August 2019

We refer to various previous updates which the LBH Administrators have published in respect of the LBH Application and the LBHI2 Application.

In our update of 6 August 2018, we noted that a further procedural hearing was scheduled to take place on 20, 21 or 22 May 2019. In the lead up to that hearing, the parties to the Applications reached substantive agreement as to the further procedural directions which they considered would be appropriate, such that they did not consider that a hearing was required. Instead, Mr Justice Hildyard was invited to consider the proposed further directions on paper. Having done so, Mr Justice Hildyard has made an Order in respect of various further procedural matters.

Since our previous update, the parties to the Applications have been taking various steps required to prepare the Applications for trial, including the exchange of witness statements and, in respect of certain parties to the LBH Application, expert's reports. The LBH Administrators will not be publishing copies of such documents at this time as not all parties agree to such publication.

Consistent with previous updates, it remains anticipated that there will be a pre-trial review hearing in the week of 14 October 2019, and that the combined trial of the LBH Application and the LBHI2 Application will commence in the week of 11 November 2019.

The LBH Administrators will continue to publish updates on the progress of the litigation as appropriate.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts - 29 March 2019

As referenced in the LBH Administrators' previous update on 22 February 2019, LBHI and SLP3 served a joint reply position paper in the LBHI2 and LBH Applications on 22 March 2019, a copy of which is now available here.

Should you have any queries regarding this update, please contact lehman.affiliates@uk.pwc.com. The Joint Administrators of LBH will continue to communicate with you through this website on relevant matters relating to the LBH Application.

Notice of Declaration of a Fifth Interim Dividend

On 15 March 2019, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Joint Administrators declared and paid a fifth interim dividend of 12.37 pence in the pound, plus a share of statutory interest, to all unsecured, unsubordinated creditors whose claims have been admitted for dividend purposes. The Joint Administrators are not yet in a position to estimate the likely timing or quantum of any future dividends. A copy of the Notice to all creditors who have proved their debt is available here.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – 22 February 2019

The LBH Administrators' previous updates on this topic have set out the key procedural steps in the LBHI2 and LBH Applications through to the trial (which is listed to commence during the week of 11 November 2019).

In accordance with Mr Justice Mann's Order dated 24 July 2018, the parties have now exchanged position papers summarising their respective positions on the applications in which they are participating.  LBHI and SLP3 served a joint position paper on 11 January 2019 relating to both the LBHI2 Application and the LBH Application, and a copy now appears here.  On 22 February 2019, the following parties also served their position papers:

  • LBH served its position paper in the LBHI2 Application, and a copy now appears here;
  • LBHI2 served its position paper in the LBHI2 Application, and a copy now appears here;
  • LB GP No 1 Limited (In Liquidation) served its position paper in the LBHApplication, and a copy now appears here; and
  • Deutsche Bank A.G. (London Branch) served its position paper in the LBHI2 andLBH Applications, and a copy now appears here.

LBHI and SLP3 have permission to file a reply position paper in the LBHI2 and LBHApplications by 22 March 2019.

Should you have any queries regarding this update, please contact lehman.affiliates@uk.pwc.com. The Joint Administrators of LBH will continue to communicate with you through this website on relevant matters relating to the LBH Application.

Notice of Intention to pay a Fifth Interim Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a fifth interim dividend to be made to unsecured creditors. The Administrators issued a Notice of Intended Dividend to all known creditors stating a last date for proving of 6 March 2019. A fifth interim dividend will be paid within 2 months of that date to creditors with agreed claims. A copy of the Notice is available here.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – 6 August 2018

The LBH Administrators' previous update on this topic summarised the outcome of the recent procedural hearing in this application, which took place before Mr Justice Mann on 23 and 24 July 2018. As foreshadowed in that update, a copy of the sealed Order made by Mr Justice Mann at that hearing now appears here. Amongst other things, the Order sets out the procedural steps which the parties are to take over the coming months, and the dates by which those various steps are to be achieved. 

In addition, Mr Justice Mann's approved judgment, delivered at the hearing on 24 July 2018, is now available and a copy appears here.

The Order also provided for the parties to take steps to list certain future Court hearings in respect of the application. These steps have now been taken in conjunction with the Court's listing office, such that the following future hearings have now been listed: 

  • A second procedural hearing is listed to take place on 20, 21 or 22 May 2019;
  • A "Pre-Trial Review" hearing is listed to take place during the week of 14 October 2019; and
  • The Trial (encompassing both the LBH Application and the LBHI2 Application) is listed to take place over 6-8 days (plus 2 days of judicial pre-reading), beginning at some point during the week of 11 November 2019. 

Should you have any queries regarding this update, please contact lehman.affiliates@uk.pwc.com.  The Joint Administrators of LBH will continue to communicate with you through this website on all substantive matters relating to the LBH Application.


Update on application to Court to seek a determination on issues of priority in respect of potential distributions to holders of subordinated debts – Hearing on 23/24 July 2018

As reported in our announcement of 3 April 2018, on 16 March 2018 the Joint Administrators of LBH made an application to Court (the "LBH Application") to seek the Court's determination on issues of priority in respect of potential distributions to holders of LBH's subordinated debts. Concurrent with the LBH Application, the Joint Administrators of LB Holdings Intermediate 2 Limited ("LBHI2") issued a separate application to the Court on 16 March 2018 for directions as to the priority in which the holders of LBHI2's subordinated debts (namely, LBH and Lehman Brothers Holdings Scottish LP 3) should receive any distributions from the LBHI2 estate (the "LBHI2 Application"). We previously reported that an initial hearing to address matters of case management in respect of both applications was listed in a floating three-day window beginning on 23 July 2018.

That initial hearing to consider matters of case management took place on 23 and 24 July 2018, before Mr Justice Mann (as Mr Justice Hildyard was unavailable). By way of brief update as to the outcome of that hearing:

  • The Judge directed that both the LBH and LBHI2 Applications should be case-managed and tried together. Given the overlapping nature of the issues raised by the Applications, the Judge agreed that they should move forward together as part of a joined-up process.
  • The Judge ordered that Deutsche Bank AG should be joined as a further respondent party to the LBHI2 Application. Deutsche Bank AG are already a respondent party to the LBH Application, and the Judge considered that in all the circumstances, it was appropriate that they also be joined as a party to the LBHI2 Application on condition that they bear their own costs of such participation, and that they do not duplicate the submissions of the LBH Administrators on the LBHI2 Application.
  • The Judge declined to order that Lehman Brothers Limited (In Administration)("LBL") should be joined as a further respondent party to the LBHI2 Application. Although recognising LBL's financial interest as a substantial unsubordinated creditor of LBH, the Judge considered that in all the circumstances it was not appropriate for LBL to be joined as a further party to the LBHI2 Application.
  • The Judge gave various procedural directions as to how the Applications should now move forward over the coming months, including for the parties to disclose relevant documents to one another, to exchange position papers setting out their competing arguments on the issues, and to take various other procedural steps. A copy of the Court's Order, setting out all of the various steps and the dates by which they are to be achieved, will be placed on this website when settled and approved by the Judge.
  • The Court's directions also provide for there to be a further procedural hearing on the first date reasonably convenient to the parties after 10 May 2019, and for there to be a trial of the Applications on a date not before 1 October 2019. When there is further clarity as to the likely dates of future Court hearings in respect of the Applications, this website will be updated accordingly.

A copy of the unedited, uncorrected transcript of proceedings at the hearing on 23 July 2018 is available through the following link.

Should you have any queries regarding this update, please contact lehman.affiliates@uk.pwc.com.  The Joint Administrators of LBH will continue to communicate with you through this website on all substantive matters relating to the LBH Application.

Resignation and replacement of Joint Administrators

The approval of Lehman Brothers International (Europe)'s Scheme of Arrangement, pursuant to Part 26 of the Companies Act 2006 and the retirement of Tony Lomas from PwC LLP provided an opportunity for the named office-holders to be reviewed in LBH and elsewhere in UK Lehman Brothers' affiliates.  Accordingly, an application to court was made to make certain changes. Pursuant to a court order dated 2 July 2018, Anthony Victor Lomas, Steven Anthony Pearson and Julian Guy Parr (the "Outgoing Office-Holders") were removed as Joint Administrators of LBH.  

The Outgoing Office-Holders were replaced with Ian David Green, Russell Downs and Edward John Macnamara which took effect on 16 July 2018. Derek Anthony Howell and Gillian Bruce remain in office as Administrators. 

Notice of Declaration of a Fourth Interim Dividend

On 13 September 2018, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Joint Administrators declared and paid a fourth interim dividend of 18.587 pence in the pound to all unsecured, unsubordinated creditors whose claims have been admitted for dividend purposes. The Joint Administrators are not yet in a position to estimate the likely timing or quantum of any future dividends. A copy of the Notice to all creditors who have proved their debt is available here.

Notice of Intention to pay a Fourth Interim Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a fourth interim distribution to be made to unsubordinated unsecured creditors. The Administrators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of 27 July 2018. A fourth interim dividend will be paid within 2 months of that date to creditors with agreed claims. A copy of the Notice is available here.

Announcement of an application to Court to seek a determination on issues of priority in respect of potential distributions to holders of its subordinated debts - 3 April 2018

On 16 March 2018, the Joint Administrators of LBH made an application to Court to seek its determination on issues of priority in respect of potential distributions to holders of its subordinated debts.

The Joint Administrators of LBH have issued an application to the Court for directions, pursuant to paragraph 63 of Schedule B1 to the Insolvency Act 1986, as to the priority in which the holders of LBH's subordinated debts should receive any distributions from the LBH estate (the "Application").

There are three respondents to the Application: 

  • Lehman Brothers Holdings Inc ("LBHI"); 
  • the Joint Liquidators of LB GP No.1 Limited (In Liquidation) ("LB GP No1"); and;
  • Deutsche Bank A.G. (London Branch) ("Deutsche"). 

The Application seeks the Court's guidance in relation to the following issues:

  • whether the claims of LBHI under three subordinated loan facility agreements (the "Sub-Debt") have been released pursuant to a settlement agreement entered into as of 24 October 2011 between, amongst others, LBH and LBHI; 
  • if not, whether LBHI's claims in respect of the Sub-Debt rank for distribution before, after or pari passu with any of the claims of LB GP No1 under certain fixed-rate subordinated notes issued by LBH (the "Sub-Notes"); 
  • whether any liability of LBH which might be established under certain guarantees given by LBH in favour of holders (including Deutsche) of preferred securities issued by three Lehman Brothers limited partnerships in the context of the Sub-Notes transactions ranks for distribution before, after or pari passu with each of the Sub-Debt and the Sub-Notes; and
  • whether or not the quantum of LBH's liability under the Sub-Notes for distribution purposes falls to be discounted under Rule 14.44 of the Insolvency (England and Wales) Rules 2016, or by reference to some other method and, if so, which method.

The application notice and accompanying witness statement in support of the Application (the third witness statement of Gillian Eleanor Bruce) are available through the following links on this page.  The witness statement provides further information as to the factual background to, and issues addressed by, the Application.

Concurrent with the Application, the Joint Administrators of LB Holdings Intermediate 2 Limited ("LBHI2") issued a separate application to the Court on 16 March 2018 for directions as to the priority in which the holders of LBHI2's subordinated debts (namely, LBH and Lehman Brothers Holdings Scottish LP 3) should receive any distributions from the LBHI2 estate.

An initial hearing to address matters of case management in respect of both the Application and LBHI2's application has been listed for 1½ days in a floating three-day window beginning on 23 July 2018 before Mr Justice Hildyard.

Should you have any queries regarding this update, please contact lehman.affiliates@uk.pwc.com.  The Joint Administrators of LBH will continue to communicate with you through this website on all substantive matters relating to the Application.

Notice of Declaration of a Third Interim Dividend

On 6 September 2017, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Joint Administrators declared and paid a third interim dividend of 62.963 pence in the pound to all unsecured, unsubordinated creditors whose claims have been admitted for dividend purposes. The Joint Administrators are not yet in a position to estimate the likely timing or quantum of any future dividends. A copy of the Notice to all creditors who have proved their debt is available here.

Notice of Intention to pay a Third Interim Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a third interim dividend to be made to unsecured creditors. The Administrators issued a Notice of Intended Dividend to all known creditors stating a last date for proving of 4 September 2017. A third interim dividend will be paid within 2 months of that date to creditors with agreed claims. A copy of the Notice is available here.

Further background information is available on LBH's latest progress report and on LBIE's website here.

Announcement on Proposed Settlement of Waterfall III Proceedings - 29 March 2017

The Administrators can advise that LBH together with certain other Lehman UK affiliates have been exploring commercial terms upon which the Waterfall III litigation proceedings might be settled. Those discussions remain ongoing however, the parties have developed the outline of a proposal which would compromise both the Waterfall III proceedings and any underlying claims against the contributories of LBIE. If this proposal can be successfully implemented, it is likely to accelerate distributions to unsecured creditors. LBIE has published notice of the proposed outline settlement on its website here.

Further background information is available on LBH's latest progress report and on LBIE's website here.

Notice of Declaration of Second Interim Dividend

On 10 February 2016, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a second interim dividend of 2 pence in the pound to all unsecured unsubordinated creditors whose claims have been admitted for dividend purposes. The Joint Administrators are not yet in a position to estimate the likely timing or quantum of any future dividends. A copy of the Notice to all creditors who have proved their debt is available here.

Notice of Intention to pay a Second Interim Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a second distribution to be made to unsecured creditors. The Administrators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of Tuesday 5 January 2016. A second dividend will be paid within 2 months of that date to creditors with agreed claims. A copy of the Notice is available here.

Notice of Declaration of a First Interim Dividend

On 3 September 2014, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a first interim dividend of 4.08 pence in the pound to all unsecured unsubordinated creditors whose claims have been admitted for dividend purposes. Further dividends are anticipated, though the timing and quantum is uncertain at present. A copy of the Notice to all creditors who have proved their debt is available here.

Notice of Intention to pay a First Interim Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a first distribution to be made to unsecured creditors. The Administrators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of Thursday 31 July 2014. A first dividend will be paid within 2 months of that date to creditors with agreed claims. A copy of the Notice is available here.

Financial Support Direction

The Pensions Regulator’s determination panel previously issued a Financial Support Direction (“FSD”) against LBH and five other entities (including three other UK companies in administration), in relation to the Lehman Brothers Pension Scheme. The FSD required financial support to be provided to the pension scheme, in relation to the scheme’s deficit. LBH appealed against this decision and has been involved in an ongoing court process. The hearing to determine whether a FSD should be made, and against which entities, was due to be held at the Upper Tribunal in February 2015.

However, following a settlement agreement with the pension scheme trustees and all other potential FSD targets, which became effective on 18 August 2014, LBH no longer has a potential liability to the pension scheme.

Subordinated Creditors' Claims

Lehman Brothers UK Capital Funding LP (ISIN: XS0215349357), Lehman Brothers UK Capital Funding II LP (ISIN: XS0229269856) and Lehman Brothers UK Capital Funding III LP (ISIN: XS0243852562) are funds guaranteed by LBH. Investors of these funds are entitled to submit a claim against LBH for the amount they have invested in each fund. However, the guarantee provided by LBH is subordinated to LBH’s ordinary unsecured creditors and, accordingly, any claim an investor has will be a subordinated claim. Unsecured creditors will have to be paid in full before any distribution can be made to subordinated creditors, thus lowering the likelihood of a dividend being declared to subordinated creditors. The subordinated creditors’ claims will only be adjudicated upon if the Administrators ascertain that a dividend may be payable.

Tax Strategy as per Schedule 19 (No.2) of Finance Act 2016

View the Tax Strategy as per Schedule 19 (No.2) of the Finance Act 2016

Progress reports

Creditors are updated on the progress of the administration of LBH through the Administrators’ six monthly progress reports and via this website. We encourage counterparties who believe they may be entitled to claim against LBH to continue to check this website for relevant information.

The Administrators' progress reports issued to date have been sent to all known creditors and counterparties. Each report provides an account of the steps that have been taken in the administration of LBH over a six month period. To view the past reports please click on the applicable link below:

Progress reports 2008 - 2013

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