LB RE Financing No.3 Limited (in Creditors' Voluntary Liquidation)

LB RE Financing No.3 Limited (in Creditors' Voluntary Liquidation)

This site provides information regarding the progress of the Liquidation of LB RE Financing No.3 Limited (“LBREF3”) and will be updated with new information as and when new information becomes available.

LBREF3 entered into liquidation on 23 July 2012 pursuant to paragraph 83 of Schedule B1 of the Insolvency Act 1986, following the end of the administration. The current Joint Liquidators ("Liquidators") are GE Bruce and EJ Macnamara.

The Joint Liquidators are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

GE Bruce and EJ Macnamara are Data Controllers of personal data as defined by the Data Protection Act 1998. The Liquidators 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 Liquidators. Personal data will be kept secure and processed only for matters relating to the Liquidators' appointment. Further details are available in the privacy statement on the pwc.co.uk website or by contacting the Liquidators.

The liquidators are not currently in a position to give an estimate of the timing or quantum of any dividend to creditors of LBREF3.

Updates

Creditors are updated on the progress of the Liquidation of LBREF3 through the Liquidators' progress reports and via this website. We encourage creditors who believe they may be entitled to claim against LBREF3 to continue to check this website for relevant information.

Notice of declaration of a Fifth Dividend

On 17 January 2023, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Joint Liquidators declared and paid a fifth and final dividend of 0.0674 pence in the pound to unsecured creditors. A copy of the notice is available here.

Notice of Intention to pay a Fifth Dividend

Based on current information, the Liquidators are of the view that there are sufficient realisations to allow a fifth and final distribution to be made to unsecured creditors. The Liquidators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of 24 December 2022. A fifth 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 Fourth Dividend

On 3 May 2019, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Joint Liquidators declared and paid a fourth interim dividend of 0.0743 pence in the pound, by way of a distribution in specie, to the sole remaining unsecured creditor Lehman Brothers Holdings Inc. A copy of the notice is available here.

Notice of Intention to pay a Fourth Dividend 

Based on current information, the Liquidators are of the view that there are sufficient realisations to allow a fourth distribution to be made to unsecured creditors. The Liquidators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of 29 March 2019. A fourth 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 Intention to pay a Third Dividend

Based on current information, the Liquidators are of the view that there are sufficient realisations to allow a third distribution to be made to unsecured creditors. The Liquidators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of 28 August 2018. A third dividend will be paid within 2 months of that date to creditors with agreed claims. A copy of the Notice is available here.

Resignation and replacement of Joint Liquidators

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 LBREF3 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 and Julian Guy Parr (the "Outgoing Office-Holders") were removed as Liquidators of LBREF3.

The Outgoing Office-Holders were replaced with Edward John Macnamara which took effect on 16 July 2018. Gillian Bruce remains in office as Liquidator.

Notice of Declaration of a Second Dividend

On 16 March 2017, pursuant to Rule 11.6 of the Insolvency Rules 1986, the Joint Liquidators declared a second interim dividend equivalent to 0.738 pence in the pound to all unsecured, non-preferential unsubordinated creditors whose claims have been admitted for dividend purposes. Payments were made by bank transfer on 16 March 2017. Further dividends are anticipated, though the timing and quantum is uncertain at present. A copy of the notice to all unsecured, non-preferential unsubordinated creditors who have proved their debts is available here.

Notice of Intention to pay a Second Dividend

Based on current information, the Liquidators are of the view that there are sufficient realisations to allow a second distribution to be made to unsecured creditors. The Liquidators issued a Notice of Intended Dividend to all known creditors who have not yet proved their debt stating a last date for proving of 23 February 2017. 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 7 September 2016, pursuant to Rule 11.6 of the Insolvency Rules 1986, the Joint Liquidators declared a first interim dividend equivalent to 5.425 pence in the pound to all unsecured, non-preferential unsubordinated creditors whose claims have been admitted for dividend purposes. Payments were made by bank transfer on 7 September 2016. Further dividends are anticipated, though the timing and quantum is uncertain at present. A copy of the notice to all unsecured, non-preferential unsubordinated creditors who have proved their debts is available here.

Notice of Intention to pay a First Dividend

Based on current information, the Liquidators are of the view that there are sufficient realisations to allow a first distribution to be made to unsecured creditors. The Liquidators 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 August 2016. 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.

Contacts

All queries to the Liquidators of LBREF3 should be sent to: lehman.affiliates@uk.pwc.com.