General update - Lehman Brothers International (Europe) - In Administration (“LBIE”) - 17 June 2016

Resignation of Joint Administrator

On 16 June 2016 Paul Copley, one of the administrators of LBIE, gave notice that he intends to resign as an administrator of LBIE on 24 June 2016.  There is no intention to appoint a replacement administrator.  Mr Lomas, Mr Pearson, Mr Downs and Mr Parr will remain in office as Joint Administrators (the “Continuing Administrators”).

The Continuing Administrators intend as soon as practicable to apply for an Order, pursuant to paragraph 98(2)(c) of Schedule B1 to the Insolvency Act 1986 (the “Act”), that Mr Copley be discharged from liability under paragraph 98(1)) of Schedule B1 to the Act (subject to the limitations provided for in paragraph 98(4) of Schedule B1 to the Act) in respect of any action (or inaction) of his as administrator of LBIE, such discharge to take effect from the date falling 42 days after LBIE’s creditors are sent the next progress report.    

In addition, the Continuing Administrators plan to take this opportunity to apply for an equivalent Order in respect of Michael Jervis and Dan Schwarzmann. Mr Jervis and Mr Schwarzmann had previously resigned as administrators of LBIE pursuant to an Order of the Court dated 2 November 2011.