Thayer Properties Limited (in liquidation)

This site provides information regarding the progress of the liquidation of Thayer Properties Limited ("Thayer") and will be updated with new information as and when new information becomes available.

Thayer entered into liquidation on 1 November 2012 pursuant to paragraph 83 of Schedule B1 of the Insolvency Act 1986, following the end of the administration. The current Joint Liquidators ("Liquidators") are Gillian Eleanor Bruce and Edward John Macnamara.

The Liquidators are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

Information

Timeline

In 2013, the Company moved from administration to creditors' voluntary liquidation, and the joint liquidators changed from Howell and Jervis to Bruce and Parr.
The joint liquidators paid the first interim dividend of 4.25p in the pound to unsecured creditors, and received a one-off dividend from LBIE for £16,182.

In 2014, the joint liquidators paid the second interim dividend of 4.27p in the pound to unsecured creditors, and received a dividend from ESH of £12,245,194.
The joint liquidators also participated in the appeal against the Upper Tribunal's decision not to strike out the FSD claim by the pension scheme trustees.

In 2015, the joint liquidators paid the third interim dividend of 4.27p in the pound to unsecured creditors, and received dividends from ESH, LCPI and Mable totalling £14,847,762.
The joint liquidators also sold the Company's investment in Thayer Group Limited to LBIE for £40,460,058.

In 2016, the joint liquidators paid the fourth interim dividend of 4.27p in the pound to unsecured creditors, and received a dividend from ESH of £14,972,055.
The joint liquidators also received a dividend from LBBL of £1,350, and continued to monitor the pensions issue and the Priority Application.

In 2017, the joint liquidators paid the fifth and sixth interim dividends of 4.27p and 4.28p in the pound respectively to unsecured creditors, and received dividends from ESH and LCPI totalling £15,272,055.
The joint liquidators also changed from Lomas, Bruce and Parr to Bruce and Macnamara, and applied for the release of the former joint administrators and joint liquidators.

In 2018, the joint liquidators paid the seventh and eighth interim dividends of 4.28p and 4.29p in the pound respectively to unsecured creditors, and received dividends from ESH and LCPI totalling £15,272,055.
The joint liquidators also investigated potential realisations of assets from the Company's subsidiaries in Jersey, and participated in the Court of Appeal hearing on the Priority Application.

In 2019, the joint liquidators paid the ninth interim dividend of 4.29p in the pound to unsecured creditors, and received a dividend from ESH of £14,845,762.
The joint liquidators also received the Court of Appeal judgement on the Priority Application, which upheld LBH's seniority over SLP3, and monitored the progress of the Clawback Litigation.

In 2020, the joint liquidators paid the tenth interim dividend of 4.29p in the pound to unsecured creditors, and received a dividend from ESH of £2,858,483.
The joint liquidators also received the Supreme Court judgement on the FSD appeal, which dismissed the pension scheme trustees' challenge, and filed the 2019 corporation tax return.

In 2021, the joint liquidators paid the eleventh and twelfth interim dividends of 0.0738p and 0.9658p in the pound respectively to unsecured creditors, and received no further dividends from ESH.
The joint liquidators also received the Court of Appeal judgement on the Priority Application, which upheld LBH's seniority over SLP3, and monitored the progress of the Clawback Litigation.

In 2022, the joint liquidators paid the thirteenth interim dividend of 0.9658p in the pound to unsecured creditors, and received no further dividends from ESH.
The joint liquidators also received the Supreme Court order on the Priority Application, which refused SLP3's permission to appeal, and filed the 2021 corporation tax return.

In 2023, the Company received a third interim distribution of £14.2m from its claim against ESH, bringing the total recovery to £51m or 24.92 pence in the pound.
The Company also declared and paid a second and third interim dividend to its unsecured creditors, totalling 8.47 pence in the pound, and distributed £33.4m in the reporting period.

Contacts

All queries to the Liquidators of Thayer should be sent to: uk_lehmanaffiliates@pwc.com.

_{Gillian Eleanor Bruce and Edward John Macnamara are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The Joint Liquidators' are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics}

_{The Joint Liquidators' may act as controllers of personal data, as defined by the UK data protection law, depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the Joint Liquidators' Personal data will be kept secure and processed only for matters relating to the Joint Liquidators'' appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Joint Liquidators'.}