Examining the Supreme Court’s Waterfall decision (The Joint Administrators of LB Holdings Intermediate 2 Ltd v The Joint Administrators of Lehman Brothers International)

Table of contents

• Original news
• What was the background to the case?
• What issues arose for the Supreme Court’s consideration?
• What did the court decide, and why?
• To what extent is the judgment helpful in clarifying the law in this area?
• What are the practical lessons that those advising can take away from the case?

Article summary

Restructuring & Insolvency analysis: Corporate insolvency specialist Tom Smith QC of South Square looks at the Supreme Court’s decision in the Lehman Brothers insolvency case and explores the court’s approach to the correct ranking of subordinated debt in the distribution priorities of an administration.