RE LEHMAN BROTHERS ASIA LTD
The court exercised its jurisdiction to authorise interim payments on account of provisional liquidators' remuneration in this large, complex multi-jurisdictional liquidation, but limited the interim quantum to 75% of the fees claimed for the Provisional Liquidators and their agents (excluding Billing Tasks) and...
Source-derived case information.
- Citation
- RE LEHMAN BROTHERS ASIA LTD
- Parties
- Company: Lehman Brothers Securities Asia Limited; Company: Lehman Brothers Futures Asia Limited; Company: Lehman Brothers Commercial Corporation Asia Limited; Company: Lehman Brothers Asia Limited; Company: Lehman Brothers Asia Holdings Limited; Company: Lehman Brothers Asia Capital Company; Company: LBQ Hong Kong Funding Limited; Company: Lehman Brothers Nominees (H.K.) Limited; Provisional Liquidators and Applicants: Paul Brough, Edward Middleton and Patrick Cowley (KPMG); Interested Party: Official Receiver
- Court
- Court of First Instance
- Jurisdiction
- Hong Kong
- Judgment Date
- 25 August 2009
- Case Number
- HCCW442/2008
- Procedural Posture
- Companies (winding Up) / Directions Hearing on Interim Payment of Provisional Liquidators' Remuneration (interim Hearing)
- Outcome
- Application partly granted: interim payments authorised subject to exclusions and undertakings; validation order granted; costs reserved.
- Legal Topics
- Provisional Liquidators' Remuneration, Interim Payments on Account, Assessment of Fees, Validation Order Under Section 182, Undertakings and Security, Appointment of Assessor
- Source Language
- en
Source-derived case record
Summary, issues, holding and outcome
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Parties
Lehman Brothers Securities Asia Limited
Company
Lehman Brothers Futures Asia Limited
Company
Lehman Brothers Commercial Corporation Asia Limited
Company
Lehman Brothers Asia Limited
Company
Lehman Brothers Asia Holdings Limited
Company
Lehman Brothers Asia Capital Company
Company
LBQ Hong Kong Funding Limited
Company
Lehman Brothers Nominees (H.K.) Limited
Company
Paul Brough, Edward Middleton and Patrick Cowley (KPMG)
Provisional Liquidators and Applicants
Official Receiver
Interested Party
Procedural Posture
Companies (winding Up) / Directions Hearing on Interim Payment of Provisional Liquidators' Remuneration (interim Hearing)
Legal Issues
- 1 Whether the court has jurisdiction to order interim payments to provisional liquidators
- 2 Appropriate quantum (percentage) for interim payments
- 3 Whether billing/preparation costs (Billing Tasks) are recoverable and payable on interim basis
Ratio Decidendi
The court exercised its jurisdiction to authorise interim payments on account of provisional liquidators' remuneration in this large, complex multi-jurisdictional liquidation, but limited the interim quantum to 75% of the fees claimed for the Provisional Liquidators and their agents (excluding Billing Tasks) and allowed 100% of other disbursements; Billing Tasks were excluded from interim payment pending further assessment; undertakings to repay excess were accepted and a validation order under s182 was granted; liberty to apply for further interim payments was given.
Court Disposition
Application partly granted: interim payments authorised subject to exclusions and undertakings; validation order granted; costs reserved.
Orders
- Interim payment of 75% of the fees of the Provisional Liquidators and of their agents for the Provisional Liquidation Period (excluding fees incurred in respect of this application and fees for the Billing Tasks) to be made to the Provisional Liquidators
- Interim payment of 100% of other disbursements during the Provisional Liquidation Period (excluding agents' fees) to be made to the Provisional Liquidators
Full Case Text
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