The Joint Administrators (the “Administrators”) of Lehman Brothers International (Europe) (“LBIE”) have issued a notice, dated December 4, 2009 (the “Notice”), pursuant to Rule 2.95(1) of the U.K. Insolvency Rules 1986, announcing their intent to make a distribution (by payment of an interim dividend) to preferential creditors (if any) and unsecured, non-preferential creditors of LBIE. The Notice was authorized on December 2, 2009, by an order of the High Court of Justice (Companies Court) in London (the “U.K. Court Order”).
The Notice specifies December 31, 2010 (the “Bar Date”), as the last date for filing proofs of debt with the Administrators and states that the Administrators intend to make a distribution within two months of the Bar Date. The Notice states further that the value of the prescribed part of LBIE’s net property required to be made available for satisfaction of LBIE’s unsecured debt is £600,000.
As we previously reported in “LBIE Update - Claims Resolution Agreement, Segregated Assets, U.K. High Court Rulings“ (SRZ Alert, Dec. 17, 2009), a separate bar date has been set for the filing by LBIE customers of claims to segregated assets. That bar date is March 19, 2010.
Copies of the Notice, the U.K. Court Order and the proof of debt form, and other information, may be accessed on the website maintained by the Administrators: http://www.pwc.co.uk/eng/issues/lehmans_stakeholder_creditors.html.