The treatment of a surplus in an administration – the Court of Appeal judgment in the Lehman “Waterfall I” appeal

The Court of Appeal yesterday handed down its judgment in respect of various disputes concerning the treatment of surplus assets, once the unsecured creditors of Lehman Brothers International (Europe) (LBIE) have been repaid.

 The complex judgment, which covered unprecedented legal issues, followed appeals made by the administrators of LBIE and various other Lehman entities in relation to aspects of the “formidable” first instance judgment given by David Richards J in March 2014.

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