Four US investment funds may face collapse as they are unable to access
information about their assets which are trapped in the Lehman Brothers
The British High Court in London this week dismissed a claim against the
administrators PricewaterhouseCoopers (PwC) by the four funds, the identity of
which were withheld, to provide more information about their securities and
loans held at the bank,
The judge said he was ‘sympathetic’ to the plight of the applicants and to
others who had assets locked up in Lehman Europe, but added ‘the administrator
must be accorded a wide measure of latitude’.
PwC said the four funds were not in any unique position among the more than
1,000 prime brokerage clients of Lehman Europe, many of which had a similar
relationship with the bank.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies