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 – sanctioning of the scheme and anticipated effective date – 18 June 2018

Further to the announcement made on 6 June 2018 (a copy of which can be accessed here), the Joint Administrators are pleased to announce that the High Court has today sanctioned LBIE’s proposed scheme of arrangement in the form communicated to creditors on 31 May 2018 and approved at the scheme meetings which took place on 5 June 2018 (a copy of which can be accessed here).

As explained in the announcement dated 18 May 2018 (a copy of which can be accessed here), the Joint Administrators will now proceed with seeking Chapter 15 recognition of the scheme in the United States at a hearing before the US Bankruptcy Court which is scheduled to be held at 10.00 am (Eastern time) on 19 June 2018.

The scheme will become effective once the order of the High Court sanctioning it is delivered for registration to the Registrar of Companies for England and Wales, likely to be on 20 June 2018.

As explained in previous communications, and most recently in the announcement dated 14 May 2018 (a copy of which can be accessed here), creditors with ordinary unsecured claims must ensure that all claims they have against the company (with certain very limited exceptions) are submitted by the bar date (which falls on the effective date). A form of proof of debt can be obtained for this purpose here or by request by email to schemequeries@lbia-eu.com. Creditors who have elected to certify in respect of their higher rate claims should also ensure they have submitted their certifications and any supporting information by the same date.

Further updates regarding the proposed scheme and the Chapter 15 case will be posted to the LBIE website in due course. If you have any questions, please contact the Joint Administrators by email to schemequeries@lbia-eu.com.