As explained in our update of December 2009 (which you can view here), a bar date of 31 December 2010 has been set for submitting unsecured claims in the administration of LBIE. The administrators have now provided details of how claims should be submitted via a "creditor portal" website set up for this purpose.
Creditors with unsecured claims against LBIE should submit a proof of debt via the creditor portal even if they have previously provided details of their claim to the administrators.
Whilst the bar date for unsecured claims is 31 December 2010, the administrators have announced that they are considering a "consensual approach" to valuing and agreeing unsecured claims of financial trading creditors. Precise details of this approach are yet to be provided, but in order to be eligible to participate in the consensual approach the administrators have stated that creditors must submit their proofs of debt by 17 September 2010. The consensual approach is likely to enable creditors to obtain an agreed claim in the administration more quickly than would otherwise be the case.
Creditors with unsecured claims against LBIE should therefore consider submitting a proof of debt in respect of their claims via the creditor portal before 17 September 2010 and in any event must do so before 31 December 2010.
Creditors that are signatories to the Claims Resolution Agreement are not at present required to submit a proof of debt via the creditor portal as a bespoke proof of debt will be provided by the administrators for this purpose in due course.
Further information is available on the PricewaterhouseCoopers website which you can view by clicking here.
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