Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...
DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...
The collapse of LehmansThe Lehman group had over 650 legal entities located in over 40 different countries. It was the fourth largest investment bank...
How did the problem arise?Lehman Brothers International Europe (in administration) (LBIE) was (rather unusually) a private unlimited company and was...
IntroductionThe collapse of Lehmans on 15 September 2008 was marked by the following key events:DateEvent5 to 12 September 2008The share price of the...
Trust propertyOne of the many issues adding to the complexity of the Lehmans failure was the fact that various clients of the Lehman Group deposited...
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