Update – Waterfall II Application (the “Application”) – Tranches A and B – Supplemental Issues – Sealed Order – 23 March 2017

On 21 October 2016, the Joint Administrators notified creditors that Lord Justice David Richards had made an order in respect of his judgment dated 24 August 2016 in respect of certain supplemental issues arising out of his judgments in respect of Tranches A and B of the Application. A copy of that order is available here. In the order, David Richards LJ gave permission to appeal in respect of certain of the supplemental issues.

On 21 December 2016, the Joint Administrators notified creditors that Mr Justice Hildyard had made an order in respect of his judgment dated 5 October 2016 in respect of Tranche C of the Application, including Supplemental Issue 1A arising from the judgment of Mr Justice David Richards in respect of Tranche A of the Application. A copy of that order is available here. In the order, Mr Justice Hildyard gave permission to appeal in respect Supplemental Issue 1A.

The Court of Appeal has directed that:

• the appeals of all the supplemental issues shall be heard together with the appeals of the Tranche A and Tranche B issues, commencing on 3 April 2017; and
  
  
• skeleton arguments in respect of the supplemental issues be filed as follows:
  
  • appellant skeleton arguments on 31 January 2017; and
    
  • respondent skeleton arguments on 28 February 2017.

In accordance with the order, the following skeleton arguments have now been filed:

• the Senior Creditor Group’s appellant skeleton argument;
• Wentworth’s appellant skeleton argument;
• York’s appellant skeleton argument;
• York’s appellant skeleton argument in respect of Supplemental Issue 1A;
• the Senior Creditor Group’s respondent skeleton argument;
• Wentworth’s respondent skeleton argument; and
• the Joint Administrators’ respondent skeleton argument.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.