BusinessBusiness RecoveryLehman administrators bring payment to creditors forward

Lehman administrators bring payment to creditors forward

PwC administrators receive High Court backing to bring forward the date at which unsecured creditor claims must be submitted

LEHMAN BROTHERS INTERNATIONAL EUROPE (LBIE) administrators have received High Court backing to pay unsecured creditors quicker.

Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PwC, were appointed joint administrators of LBIE on 15 September 2008.

Creditors will now have until 31 July 2012 (bar date) to submit proof of debt if they want to receive a dividend payment.

On 10 December 2010 the High Court granted the administrators request to postpone the date unsecured creditors could make a submission to 31 December 2012 due to the various legal disputes Lehman’s was handling.

However, on 2 May 2012 the High Court granted the request to bring that date forward to 31 July 2012.

Dividend payments must be made within five months of that date.

The administrators have also signed up to a small claims settlement offer. Any creditors with debts of less than £150,000 could be provided with a single payment of 90% of their claim as full and final settlement.

There are between £14.7bn and £47.9bn of unsecured claims against the collapsed investment bank.

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