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    Lenders’ ability to participate in the prescribed part
    2012-12-06

    The recent case of Re J T Frith Ltd [2012] EWHC 196 (Ch) shows:

    • how secured lenders may surrender their security in order to participate in the prescribed part available for unsecured creditors on insolvency; and
    • how intercreditor deeds may be worded to allow senior secured creditors to participate in the prescribed part, despite retaining their security.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Davenport Lyons, Debt, Secured creditor, Unsecured creditor, Debenture, Insolvency Act 1986 (UK)
    Authors:
    Robin Henry
    Location:
    United Kingdom
    Firm:
    Davenport Lyons
    Lehman Brothers International (Europe) (“LBIE”) update - extended liens judgment
    2012-11-20

    Summary

    The High Court has held in the “Extended Liens” application that a “general lien” granted by a client of Lehman Brothers International (Europe) (“LBIE”) over financial collateral held by LBIE as security for obligations owed by the client to LBIE or any other Lehman entity was a valid floating charge, both in relation to the client’s debts to LBIE and its debts to LBIE’s affiliates.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Davenport Lyons, Lehman Brothers
    Authors:
    Robin Henry
    Location:
    United Kingdom
    Firm:
    Davenport Lyons
    Special administrators successful in RTM application
    2012-11-13

    On 1 November 2012, the High Court gave judgment in favour of the Special Administrators (“SAs”) of MF Global UK Ltd (“MFGUK”), in relation to a claim by MF Global Inc (“MFGI”) arising from certain repo-to-maturity transactions (the “RTM Application”). These transactions concerned the repo of European debt securities by MFGI to MFGUK, which were governed by a Global Master Repurchase Agreement (“GMRA”).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Davenport Lyons, Liquidation, Default (finance), Liquidator (law)
    Authors:
    Robin Henry
    Location:
    United Kingdom
    Firm:
    Davenport Lyons
    MF Global UK update
    2012-09-18

    This update highlights developments in the administration of MF Global UK (“MFG”) since our last alert dated 15 June 2012.

    Estimated outcomes

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Davenport Lyons, Unsecured debt
    Authors:
    Robin Henry
    Location:
    United Kingdom
    Firm:
    Davenport Lyons
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