Update – Waterfall III Application – CMC Order – 22 December 2016

On 26 April 2016, the Joint Administrators of Lehman Brothers International (Europe) (in administration) (“LBIE”) announced they had issued an application to Court for directions, pursuant to paragraph 63 of Schedule B1 of the Insolvency Act 1986, to determine various issues concerning contributory claims and other affiliate issues (the "Application").  

On 4 November 2016, a second case management conference (the “CMC”) in respect of the Application was held before Mr Justice Hildyard.  The purpose of the CMC was to: 

• seek further procedural directions for the procedural management of the Application going forward; 
• determine the Application by the Joint Administrators of Lehman Brothers Limited ("LBL") dated 17 October 2016 to join the Joint Administrators of Lehman Brothers Holdings plc ("LBH") as respondents to the Application (the "Joinder Application"); and 
• deal with the Cross Application of the LBL Administrators by Application Notice dated 17 October 2016 (a copy of which can be accessed by clicking here).

Further to the CMC, the Judge has made a procedural order (the “Order”). A copy of the Order can be found here. 

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