Update – Announcement of the proposed scheme of arrangement, pursuant to Part 26 of the Companies Act 2006, for a full and final settlement in respect of surplus entitlements and the payment of statutory interest – Notice of Approval at Scheme Meetings and Sanction Hearing – 6 June 2018

Further to the announcements dated 14 May 2018 (which can be accessed here) and 31 May 2018 (which can be accessed here), the Joint Administrators are pleased to announce that LBIE’s proposed scheme of arrangement has been approved by the required majority of creditors at each of the four scheme meetings held on 5 June 2018. The full breakdown of votes at the scheme meetings will be set out in the chairman’s report, which will be filed at the High Court in advance of the hearing to sanction the scheme (as described below) and made available on LBIE’s website.

LBIE is now seeking the sanctioning of the scheme by the High Court at a hearing scheduled to be held on 13 June 2018 before the Honourable Mr Justice Hildyard, in the Rolls Building, Fetter Lane, London, EC4A 1NL. Creditors have the right to (but are not required to) attend this hearing in person or instruct counsel to appear and make representations on their behalf.

A copy of the Notice of Approval and Sanction Hearing can be accessed here. This document will also be sent by email or post to all persons who the Joint Administrators believe are or may be the holders of ordinary unsecured claims.

If you have any questions in relation to the proposed scheme, please contact the Joint Administrators by email to schemequeries@lbia-eu.com.