Topic: Insolvency, Restructuring and Run-Off

UK: Lehman English Administrators to Appeal Court of Appeal Ruling

It is reported in the press that the PWC administrators of Lehman Brothers International (Europe) Limited (LBIE), the London-based arm of the Lehman bank, are to appeal the recent Court of Appeal ruling relating to the distribution of segregated client funds. The first instance judge held that those clients of LBIE whose funds should have been segregated, but were not, were not entitled to share in the pot of client money. 

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UK: Court of Appeal Reverses Key Aspects of High Court Judgment on the Treatment of Client Money in the Lehman Insolvency

In Lehman Brothers International (Europe)(in administration) v CRC Credit Fund Limited & Ors [2010] EWCA Civ 917 the Court of Appeal considered the first instance judgment of Mr Justice Briggs on the operation of the Client Money Rules (CASS) in relation to the insolvency of Lehman Brothers International (Europe)(LBIE). We have previously reported on the judgment of Briggs J here and here

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UK: Equitable Life (Payments) Bill Receives First Reading in House of Commons

We have previously reported here and here on the long-running saga following the demise of Equitable Life. The latest chapter is the Equitable Life (Payments) Bill which received its first reading in the House of Commons on 22 July 2010.  The Bill is intended to allow the Treasury to provide finance for payments to be made in cases where persons have been adversely affected by the Government’s maladministration in the regulation of Equitable Life Assurance Society (Equitable Life) in the period before 1 December 2001. 

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UK: High Court confirms operation of the anti-deprivation principle

In Justin Mayhew v (1) Philip King (2) Milbank Trucks Ltd (Defendants) & Chaucer Insurance plc (Third Party and Part 20 Claimant) v Towergate Stafford Knight Company Limited & Ors Sir Edward Evans-Lombe held that a term of a settlement agreement which stated that a right to an indemnity would cease if the party with the benefit of the indemnity went into administration was contrary to the anti-deprivation principle and would be struck out. 

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