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We look at the two recent waterfall II judgments (waterfall II A and waterfall II B) in Lehmans to see what guidance the court gives on statutory interest and rule 2.88 of the Insolvency Rules 1986, SI 1986/1925 (IR 1986) and also whether various post-administration agreements entered by the administrators and creditors release claims to statutory interest and/or currency conversion claims.
Lomas v Burlington Loan Management Ltd; sub nom Re Lehman Brothers International (Europe) (in administration)  EWHC 2269 (Ch),  All ER (D) 11 (Aug) (Waterfall II A).
In the administration of Lehman Brothers International (Europe) (LBIE), the Chancery Division addressed the administrators' application for directions regarding the entitlement of creditors to interest on their debts for periods after the commencement of that administration. The court construed IR 1986, r 2.88 and its provisions for the payment of statutory interest.
Lomas v Burlington Loan Management Ltd; sub nom Re Lehman Brothers International (Europe) (in administration)  EWHC 2270 (Ch),  All ER (D) 20 (Aug) (Waterfall II B).
The Chancery Division addressed the construction and effect of agreements made since the commencement of the administration. It held that the agreements did not have the effect of releasing currency conversion claims or claims to statutory interest under IR 1986, r 2.88.
The key points to note from Waterfall II A are:
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