Lehman Brothers, Re [2018] EWHC 1854 (Ch) (18 June 2018)

Lehman Brothers, Re [2018] EWHC 1854 (Ch) (18 June 2018)

The scheme satisfied all statutory requirements under Part 26 of the Companies Act 2006, the creditor classes were properly constituted and fairly represented, the scheme was fair and reasonable, and no international recognition issues precluded sanction; therefore, the court sanctioned the scheme.

Citation
[2018] EWHC 1854 (Ch)
Parties
Company in Administration: Lehman Brothers International (Europe) (In Administration); Creditor: Wentworth; Administrators: The Administrators; Creditor and Administrators: LB Holdings Intermediate 2 Limited (In Administration) and its Administrators; Creditor Group: Senior Creditors Group
Jurisdiction
England and Wales
Judgment Date
18 June 2018
Procedural Posture
Scheme of Arrangement Sanction Hearing / Judgment on Sanction of Scheme
Outcome
scheme sanctioned
Legal Topics
Scheme of Arrangement, Class Composition, Creditor Voting, Administration, International Recognition
Insolvency Company Law Scheme of Arrangement Class Composition Creditor Voting Administration International Recognition

Case Brief

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Parties

Lehman Brothers International (Europe) (In Administration)

Company in Administration

Wentworth

Creditor

The Administrators

Administrators

LB Holdings Intermediate 2 Limited (In Administration) and its Administrators

Creditor and Administrators

Senior Creditors Group

Creditor Group

Procedural Posture

Scheme of Arrangement Sanction Hearing / Judgment on Sanction of Scheme

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Part 26 of the Companies Act 2006 have been met
  2. 2 Whether the relevant creditor classes were properly constituted and fairly represented
  3. 3 Whether the scheme is fair and reasonable and should be sanctioned by the court

Ratio Decidendi

The scheme satisfied all statutory requirements under Part 26 of the Companies Act 2006, the creditor classes were properly constituted and fairly represented, the scheme was fair and reasonable, and no international recognition issues precluded sanction; therefore, the court sanctioned the scheme.

Court Disposition

scheme sanctioned

Orders

  • The scheme of arrangement is sanctioned.