The Weekly Law Reports
[2017] 2 WLR 1497
Supreme Court
In re Lehman Bros International (Europe) (in administration) (No 4)
[2017] UKSC 38
2016 Oct 17,
18,
19,
20;
2017 May 17
2017 May 17
Lord Neuberger of Abbotsbury PSC, Lord Kerr of Tonaghmore, Lord Clarke of Stone-cum-Ebony, Lord Sumption, Lord Reed JJSC
Insolvency— Administration— Distribution of assets— Ranking of claims which might be made against available assets of unlimited company after payment of general unsecured unsubordinated creditors— Potential liability of members for liabilities of company— Relationship between liability as members and claims as creditors— Whether claim of subordinated debt holder ranking ahead of or behind statutory interest— Whether claim ranking ahead of or behind foreign currency conversion claims— Whether foreign currency conversion claims payable out of assets— Whether contractual interest provable or statutory interest payable for period of administration if immediately followed by liquidation— Whether members’ liability to contribute in liquidation limited to funds required to pay debts and liabilities proved in liquidation— Whether contributory rule applying in administration—
Insolvency Act 1986 (c 45), ss 74(1), 189
—
Insolvency Rules 1986 (SI 1986/1925) (as amended by Insolvency (Amendment) Rules 2003 (SI 2003/1730), Sch 1, para 9 and Insolvency (Amendment) Rules 2005 (SI 2005/527), r 12), r 2.88(1)(7)