Lehman Commercial Mortgage Conduit Limited (in administration)

This site provides information regarding the progress of the administration of Lehman Commercial Mortgage Conduit Limited (“LCMC”).

LCMC entered administration on 30 October 2008. The current Joint Administrators are AV Lomas, SA Pearson, DA Howell, JG Parr and GE Bruce. The Joint Administrators manage LCMC’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.

LCMC Claim Submission Information

The Administrators applied to Court for permission for LCMC to become a distributing administration. That permission was granted on 24 June 2013, and LCMC now has a formal legal process for agreeing creditors’ claims. Therefore, we have provided a LCMC 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 a Ninth and Final Dividend

On 27 June 2018, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Administrators declared and paid a ninth and final dividend of 2.328 pence in the pound, to the sole remaining unsecured creditor Lehman Brothers Holdings Inc. No further dividends will be declared. A copy of the notice is available here.

Notice of declaration of an Eighth Dividend

On 7 June 2018, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Administrators declared and paid an eighth interim dividend of 0.17 pence in the pound, by way of a distribution in specie, to the sole remaining unsecured creditor Lehman Brothers Holdings Inc. A final dividend will be paid no later than 7 July 2018. A copy of the notice is available here.

Notice of Intention to pay a Ninth and Final Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a ninth 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 8 May 2018. A ninth 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.

Extension to the Joint Administrators term of office

View the letter sent to all known creditors on 12 October 2017.

Notice of Intention to pay an Eighth Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow an eighth 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 9 April 2018. An eighth 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 Seventh Dividend

On 11 September 2017, pursuant to Rule 14.35 of the Insolvency (England and Wales) Rules 2016, the Administrators declared and paid a seventh dividend of 4.260 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 unsecured creditors who have proved their debts is available here.

Notice of Intention to pay a Seventh Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a seventh 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 4 September 2017. A seventh 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 Sixth Dividend

On 15 March 2017, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a sixth interim dividend of 2.67 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 Sixth Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a sixth 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 January 2017. A sixth 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 Fifth Dividend

On 9 September 2016, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a fifth interim dividend of 6.5705 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 Fifth Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a fifth 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 Wednesday 31 August 2016. 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 2 September 2015, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a fourth interim dividend of 0.415 pence in the pound to all unsecured creditors whose claims have been admitted for dividend purposes. The Joint Administrators are unable to advise the timing and quantum of any further dividends. A copy of the Notice to all creditors who have proved their debt is available here.

Notice of Intention to pay a Fourth Dividend

Based on current information, the Administrators are of the view that there are sufficient realisations to allow a fourth 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 1 September 2015. 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 Declaration of a Third Dividend

On 19 December 2014, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a third interim dividend of 4.63 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 Third Dividend

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 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 5 December 2014. 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.

Notice of Declaration of a Second Dividend

On 2 September 2014, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a second interim dividend of 29.05 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.

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 2 September 2013, pursuant to Rule 2.98 of the Insolvency Rules 1986, the Joint Administrators declared and paid a first interim dividend of 45 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 26 July 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.

Progress reports

Creditors are updated on the progress of the administration of LCMC through the Administrators' six monthly progress reports and via this website. We encourage creditors who believe they may be entitled to claim against LCMC 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 LCMC over a six month period. To view the past reports please click on the applicable link below:

Progress reports 2008 to 2013

Click here to read previous progress reports

Contact us

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

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