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Katherine Hallet, barrister at Three Stone, considers the latest decision in the Lehman Brother litigation in which the Commercial Court considered how administrators should handle post-administration interest in particular circumstances.
Re Lehman Brothers International (Europe) (In Administration); Lomas and others v Burlington Loan Management Ltd and others  EWHC 2131 (Ch),  All ER (D) 81 (Aug)
The Companies Court determined six supplemental issues arising out of two previous judgments raised by the administrators of Lehman Brothers International (Europe) on an application for directions.
The judgment gives very specific direction on how administrators should handle post-administration inter-est in particular circumstances. It is especially useful when read together with the earlier judgments in Waterfall IIA (Lomas v Burlington Loan Management Ltd  EWHC 2269 (Ch),  All ER (D) 11 (Aug)) and Waterfall IIB (Lomas and others v Burlington Loan Management Ltd and others  EWHC 2270 (Ch),  All ER (D) 20 (Aug)). In addition, part of the decision deals with post-administration interest pursuant to standard form agreements frequently made by administrators, which construction will therefore be applicable beyond this case.
The judgment dealt with six supplemental issues which arose from two previous judgments of David Richards LJ—Waterfall IIA and Waterfall IIB. Waterfall IIA and Waterfall IIB concerned respectively:
The administrators sought directions on the six issues.
Supplemental issue 1b
How is an independent right to interest that ‘arises
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