Important Creditor Update 24/10/2012 - 31 October Deadline for Transfer Notices for first interim distribution to unsecured creditors and submission of GBP SSIs

The Joint Administrators’ seventh progress report dated 12 April 2012 and eighth progress report dated 12 October 2012 outline the steps that the Administrators and counterparties need to take ahead of a declaration of first interim distributions to unsecured creditors. The last date for agreement of claims for inclusion in the first interim distribution and the Small Claims Settlement Offer is 31 October 2012.

In order to give LBIE sufficient time to arrange the necessary payments, unsecured creditors who wish to transfer their claims in accordance with the transfer provisions of an executed claims determination deed must send a Transfer Notice executed by both the Transferor and Transferee (each, as defined in the claims determination deed) to be received by LBIE no later than 31 October 2012.

Transfer Notices should be sent to claimsdeed@lbia-eu.com and by post to Lehman Brothers International (Europe) (in administration), Level 23, 25 Canada Square, E14 5LQ, marked for the attention of the In House Legal Team.

Unsecured creditors and potential Transferees should note that any Transfer Notices received by LBIE after 31 October 2012 will not be countersigned by LBIE in time for the first interim distribution and LBIE will proceed to pay the first interim distribution to the unsecured creditor of record according to LBIE’s records as at 31 October 2012.

Any Transfer Notices received after 31 October 2012 will be processed following payment of the first interim distribution (currently expected to be on, or around, 30 November 2012). Until LBIE countersigns the Transfer Notice, LBIE will continue make any payments to, and otherwise deal with, the unsecured creditor of record. 

Unsecured creditors are further reminded that to be eligible to participate in the first interim distribution or the Small Claims Settlement Offer, they are required to provide Standard Settlement Instructions (“SSIs”) via the SSI portal for a GBP bank account by 31 October 2012. SSIs as at that date will be used for the payment of the first interim distribution and the Small Claims Settlement Offer.

Should you have any queries regarding the content of this update please contact your existing LBIE contact or the Communications and Counterparty Management team at unsecuredcreditors@lbia-eu.com.