Lehman Waterfall II
The Court of Appeal determines several issues arising from the ongoing Waterfall litigation
The Court of Appeal yesterday dismissed all of the appeals brought by various creditors relating to the extent and calculation of their entitlements to statutory interest on debts for periods after the commencement of the administration of Lehman Brothers International (Europe). In doing so, the Court of Appeal relied on the Supreme Court’s judgment in Waterfall I (which we considered in our previous report) and its approach to statutory interpretation in insolvency.
The issues arose because, as is well known, there is a surplus, recently estimated at between £7.1bn and £8.1bn, currently held by the joint administrators.
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Linklaters LLP acted for the joint administrators on the application.