Resignation of Joint Administrator – 1 March 2019

Following the Joint Administrators’ announcement dated 21 February 2019, a copy of which can be found here, Julian Guy Parr, one of the administrators of LBIE, gave notice on 1 March 2019 that he intends to resign as an administrator of LBIE pursuant to Rule 3.63 of the Insolvency (England and Wales) Rules 2016.

It is considered that this resignation will be effective upon the filing with the court of a notice of resignation no less than 5 days from the giving of notice of intention to resign.  It is nonetheless intended, for the avoidance of doubt, that an application will be made to court for directions that Mr Parr’s resignation was effective in the form given or, in the alternative (if the court rules that Mr Parr’s resignation has not already been effected), for an order granting permission to resign as an administrator.  It is intended that the application will be brought on 8 March 2019. 

The application will be accompanied by an application for an Order pursuant to paragraph 98(2)(c) of Schedule B1 to the Insolvency Act 1986 (the “Act”) that Mr Parr be discharged from liability under paragraph 98(1)) of Schedule B1 to the Act (subject to the limitations provided for in paragraph 98(4) of Schedule B1 to the Act) in respect of any action (or inaction) of his as administrator of LBIE, such discharge to take effect at a date specified by the court.

There is no intention to appoint a replacement administrator.  Russell Downs, Ed Macnamara and Gillian Bruce will remain in office as Joint Administrators.