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Lehman Brothers Lease & Finance No. 1 Limited (in administration)

This site provides information regarding the progress of the administration of Lehman Brothers Lease & Finance No. 1 Limited (“LB L&F;”).

LB L&F; entered administration on 24 October 2008. The current Joint Administrators are AV Lomas, SA Pearson, JG Parr and GE Bruce. The Joint Administrators manage LB L&F;’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.

AV Lomas, SA Pearson, JG Parr and GE Bruce are Data Controllers of personal data as defined by the Data Protection Act 1998. PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the administration.

LB L&F; Claim Submission Information

The Administrators applied to Court for permission for LB L&F; to become a distributing administration. That permission was granted on 24 June 2013, and L&F; now has a formal legal process for agreeing creditors’ claims. Therefore, we have provided a L&F; 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

Notice of Intention to pay a Fourth and Final Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a fourth and final 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 5 January 2016. A fourth and final 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 Third Interim Dividend

On 2 September 2015, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a third interim dividend of 3.39 pence in the pound to all unsecured creditors whose claims have been admitted for dividend purposes.The Joint Administrators anticipate paying a final distribution within the next six months however the quantum is currently uncertain. A copy of the Notice to all creditors who have proved their debt is available here.

 

Notice of Intention to pay a Third and Final Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a third and final 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 14 August 2015. A third and final 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 Second Dividend

On 4 September 2014, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a second interim dividend of 15.48 pence in the pound to all unsecured 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 Second 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 31 July 2014. 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 Dividend

On 22 October 2013, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a first interim dividend of 8 pence in the pound to all unsecured 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 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 Friday 30 August 2013. 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.

 

 

 

Application to extend the Administration

The Joint Administrators made an application to the High Court on 30th October 2014 to extend the Administrators’ term of office by a further 36 months to 30 November 2017. A copy of the Order can be found here.

Progress reports

Creditors are updated on the progress of the administration of L&F through the Administrators' six monthly progress reports and via this website. We encourage creditors who believe they may be entitled to claim against LB L&F to continue to check this website for relevant information. Pursuant to Rule 2.47 of the Insolvency Rules 1986, 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 LB L&F over a six month period. To view the past reports please click on the applicable link below:

Progress reports 2008 to 2013

Contacts

If you have any queries in relation to LB L&F's administration, please send an email to Lehman.affiliates@uk.pwc.com.

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