Summary
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss:
United Kingdom, Capital Markets, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, BCLP, Corporate governance, Crowdfunding, Due diligence, Initial public offerings, Financial Conduct Authority (UK)
The High Court in London handed down judgment on Part C of the Lehman Waterfall II Application on 5 October 2016.
The judgment examines the extent of creditors’ entitlements to Default Rate interest on debts arising under ISDA Master Agreements governed by English law and New York law. As some £4.4 billion of LBIE’s admitted claims arise under ISDA Master Agreements and the debts were outstanding for more than five years, this judgment will materially influence the amount of money which must be applied in satisfaction of creditors’ entitlements to statutory interest.
United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, International Swaps and Derivatives Association, Lehman Brothers