Britain's Supreme Court Wednesday dismissed an appeal by units of Lehman Brothers Holdings Inc. and Bank of New York Mellon, a win for investors in a high-stakes legal dispute involving complex derivatives transactions that has divided courts on both sides of the Atlantic, Dow Jones Daily Bankruptcy Review reported. The U.K.'s Supreme Court, the nation's highest, unanimously ruled in favor of investors represented by Australia's Belmont Park Investments PTY Ltd.

Britain's recovery appears to have slowed recently and there is a risk the economy could tip back into recession, Bank of England policymaker David Miles said on Wednesday, Reuters reported. In a speech focussed on the impact of tighter bank regulation, Miles challenged the conventional notion that higher capital requirements would necessarily stifle growth, and he argued that the cost of deleveraging was much smaller than some have feared.

The number of British retailers falling into administration rose 8 percent in the second quarter on a year ago and will continue climbing as consumers are squeezed by rising prices and government cut backs, consultants Deloitte said, Reuters reported. Some 43 retailers, including wine chain Oddbins, home improvements group Focus DIY and fashion chain Jane Norman, entered administration -- a form of protection from creditors -- in the March-June quarter, Deloitte said on Monday.

Halliwells' administrators have launched a claim in the High Court against a group of former partners in a bid to reclaim more than £21m gained through a controversial 'reverse premium' property payout, LegalWeek.com reported. BDO launched the claim against Halliwells' former chairman Ian Austin and 31 other ex-partners in the Chancery Division of the High Court earlier this month (4 July). Addleshaw Goddard is advising BDO on the £21.13m claim, with litigation firm Peters & Peters acting for 30 of the 32 defendants.

Tokio Marine Europe Insurance Ltd, a part of the Tokio Marine Group, said it filed a petition for protection from creditors under Chapter 15 in U.S. bankruptcy court in Manhattan, London South East reported on a Reuters story. The company, which underwrites commercial property, casualty and marine insurance, in a court filing on Monday listed assets of more than $100 million and liabilities of more than $100 million.

The public sector pensions liabilities stood at 1.1 trillion pounds ($1.763 trillion) in 2009/10, the government will say on Wednesday, a Treasury source told Reuters. The Conservative-Liberal Democrat coalition government is seeking to push through reforms of public sector pensions to make them more affordable as part of an austerity plan to eliminate a record budget deficit.

U.K. care home operator Southern Cross Healthcare Group PLC has finally collapsed under the weight of its unpayable rent bill, saying Monday that it plans to cease operating and hand its homes over to landlords. The arrangement promises to resolve the financial turmoil at one of the U.K.'s largest private care organizations, with 31,000 residents in its homes, Dow Jones Daily Bankruptcy Review reported.

Struggling retailer Homeform, owner of Moben Kitchens and Dolphin Bathrooms, appointed Deloitte as administrators on Wednesday and sold its Sharps Bedroom business, Reuters reported. Homeform, which has over 160 showrooms in the UK and 1,208 staff, said last month it was looking to appoint administrators after trading in its kitchen and bathroom units was hit by cash-strapped customers curbing spending during tough economic times. Deloitte, a business advisory firm, said Moben, Dolphin and another of Homeform's businesses, Kitchens Direct, had been closed down and were up for sale.

Bidders for over 600 Lloyds Banking Group branches have less than a week to pitch for a deal that could incur costs of 1 billion pounds ($1.6 billion) for the part-nationalised British bank, Reuters reported. The costs of transferring and implementing the branches are likely to be far higher for Lloyds if it sells the branches to a start-up bank, which potentially gives an edge to established rivals who have infrastructure in place. Lloyds has been told to sell 632 branches by European regulators as the price of being bailed out by the taxpayer.

The UK government faces a test of its determination to drive through its austerity programme when teachers and civil servants strike on Thursday over plans to reform public sector pensions, Reuters reported. Many schools across the country will remain closed and air passengers face delays when immigration officials join a walkout that could involve up to 750,000 workers.