RE LEHMAN BROTHERS FUTURES ASIA LTD
Court exercised its jurisdiction to authorise interim payments but reduced the percentage sought: ordered 75% interim payment of the provisional liquidators' and agents' fees (excluding fees for Billing Tasks) for the provisional liquidation period; ordered 100% of other disbursements; deferred assessment and recoverability of Billing Tasks; accepted undertakings in lieu of bank security; granted validation under s182 and liberty to apply for further interim payments.
- Citation
- RE LEHMAN BROTHERS FUTURES 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: Provisional Liquidators (Paul Brough, Edward Middleton, Patrick Cowley); Official Receiver: Official Receiver
- Court
- Court of First Instance
- Jurisdiction
- Hong Kong
- Judgment Date
- 25 August 2009
- Case Number
- HCCW441/2008
- Procedural Posture
- Companies (winding Up) / Directions Hearing on Remuneration and Interim Payments (interim Relief Granted)
- Outcome
- interim payments and validation order granted with conditions; further assessment and hearings to follow
- Legal Topics
- Remuneration of Liquidators, Interim Payments on Account, Assessment/taxation of Costs, Provisional Liquidators' Powers, Validation Orders Under S182, Undertakings and Security
- Source Language
- EN
Case Brief
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
Provisional Liquidators (Paul Brough, Edward Middleton, Patrick Cowley)
Provisional Liquidators
Official Receiver
Official Receiver
Procedural Posture
Companies (winding Up) / Directions Hearing on Remuneration and Interim Payments (interim Relief Granted)
Legal Issues
- 1 Whether the court has jurisdiction to order interim payments to provisional liquidators
- 2 Appropriate quantum of any interim payment on account
- 3 Recoverability of costs incurred in preparing bills (the Billing Tasks)
Ratio Decidendi
Court exercised its jurisdiction to authorise interim payments but reduced the percentage sought: ordered 75% interim payment of the provisional liquidators' and agents' fees (excluding fees for Billing Tasks) for the provisional liquidation period; ordered 100% of other disbursements; deferred assessment and recoverability of Billing Tasks; accepted undertakings in lieu of bank security; granted validation under s182 and liberty to apply for further interim payments.
Court Disposition
interim payments and validation order granted with conditions; further assessment and hearings to follow
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 relation to the Billing Tasks
- Interim payment of 100% of other disbursements during the Provisional Liquidation Period (excluding agents' fees)
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