Lehman Brothers UK Holdings Limited (in administration)

This site provides information regarding the progress of the administration of Lehman Brothers UK Holdings Limited (“LBUKH”).

LBUKH entered administration on 29 September 2008. The current Joint Administrators are AV Lomas, SA Pearson, DA Howell, JG Parr and GE Bruce. The Joint Administrators manage LBUKH’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, DA Howell, 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.

LBUKH Claim Submission Information

The Administrators applied to Court for permission for LBUKH to become a distributing administration. That permission was granted on 2 May 2014, and LBUKH now has a formal legal process for agreeing creditors’ claims. Therefore, we have provided a LBUKH 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 declaration of fifth and final dividend to subordinated unsecured creditors

On 11 September 2017, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Administrators declared and paid a fifth and final dividend of 0.002 pence in the pound to all subordinated unsecured creditors whose claims have been admitted for dividend purposes. A copy of the notice to all unsecured, non-preferential subordinated creditors who have proved their debts is available here.

Notice of Intention to pay a Fifth and Final Dividend to Subordinated Creditors

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a fifth and final distribution to be made to unsecured, non-preferential subordinated creditors. The Administrators issued a Notice of Intended Dividend to all known unsecured, non-preferential subordinated creditors who have not yet proved their debt stating a last date for proving of 4 September 2017. A final dividend will be paid within 2 months of that date to unsecured, non-preferential subordinated creditors with agreed claims. A copy of the Notice is available here.

Notice of Declaration to pay a Fourth and Final Dividend to Subordinated Creditors

On 8 February 2017, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared a fourth and final dividend equivalent to 0.015 pence in the pound to all unsecured, non-preferential subordinated creditors whose claims have been admitted for dividend purposes. Payments were made by bank transfer on 8 February 2017. No further dividends are anticipated. A copy of the notice to all unsecured, non-preferential subordinated creditors who have proved their debts is available here.

Notice of Intention to pay a Fourth and Final Dividend to Subordinated Creditors

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, non-preferential subordinated creditors. The Administrators issued a Notice of Intended Dividend to all known unsecured, non-preferential subordinated creditors who have not yet proved their debt stating a last date for proving of 31 January 2017. A final dividend will be paid within 2 months of that date to unsecured, non-preferential subordinated creditors with agreed claims. A copy of the Notice is available here.

Court Application for Discharge

On 16 December 2016, the High Court of Justice of England and Wales ordered that the Administrators shall be discharged from liability under paragraph 98(1) of Schedule B1 to the Insolvency Act 1984, taking effect 28 days after the filing of the final receipts and payments account with the Registrar of Companies, save in relation to claims made before that date.

Notice of Declaration of a Third Dividend to Subordinated Creditors

On 9 August 2016, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared a third interim dividend equivalent to 2.8546 pence in the pound to all unsecured, non-preferential subordinated creditors whose claims have been admitted for dividend purposes. Payments were made by bank transfer on 8 August 2016. Further dividends are anticipated, though the timing and quantum is uncertain at present. A copy of the notice to all unsecured, non-preferential subordinated creditors who have proved their debts is available here.

Notice of Intention to pay a Third Dividend to Subordinated Creditors

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a third distribution to be made to unsecured, non-preferential subordinated creditors. The Administrators issued a Notice of Intended Dividend to all known unsecured, non-preferential subordinated creditors who have not yet proved their debt stating a last date for proving of 25 July 2016. A second dividend will be paid within 2 months of that date to unsecured, non-preferential subordinated creditors with agreed claims. A copy of the Notice is available here.

Notice of Declaration of a Second Dividend to Subordinated Creditors

On 13 April 2016, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a second interim dividend equivalent to 7.7183 pence in the pound to all unsecured, non-preferential subordinated 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 unsecured, non-preferential subordinated creditors who have proved their debts is available here.

Notice of Intention to pay a Second Dividend to Subordinated Creditors

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, non-preferential subordinated creditors. The Administrators issued a Notice of Intended Dividend to all known unsecured, non-preferential subordinated creditors who have not yet proved their debt stating a last date for proving of Monday 15 February 2016. A second dividend will be paid within 2 months of that date to unsecured, non-preferential subordinated creditors with agreed claims. A copy of the Notice is available here.

Notice of Declaration of a First Dividend to Subordinated Creditors

On 17 February 2015, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a first interim dividend of 0.0047 pence in the pound to all unsecured, non-preferential subordinated creditors whose claims have been admitted for dividend purposes.

Notice of Intention to pay a First Dividend to Subordinated Creditors

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, non-preferential subordinated creditors. The Administrators issued a Notice of Intended Dividend to all known unsecured, non-preferential subordinated creditors who have not yet proved their debt stating a last date for proving of Thursday 18 December 2014. A first dividend will be paid within 2 months of that date to unsecured, non-preferential subordinated creditors with agreed claims. A copy of the Notice is available here.

Notice of Declaration of a First Dividend to Unsubordinated Creditors

On 4 September 2014, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Administrators declared and paid a first interim dividend of 100 pence in the pound to all unsecured unsubordinated creditors whose claims have been admitted for dividend purposes. A copy of the Notice to all unsecured unsubordinated creditors who have proved their debt is available here.

Notice of Intention to pay a First Dividend to Unsubordinated Creditors

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 unsubordinated creditors. The Administrators issued a Notice of Intended Dividend to all known unsecured unsubordinated 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 unsecured unsubordinated 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 LBUKH 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. LBUKH 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, LBUKH no longer has a potential liability to the pension scheme.