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Lehman Brothers bankruptcy – Second report of the liquidators to the creditors

 

19 April 2010

The following is a summary of events which have taken place since our last update on Lehman Brothers' insolvency proceedings in Hong Kong. This summary is intended as a quick reference and does not constitute legal advice.  

On 9 April 2010, the Liquidators of six of the Hong Kong Lehman Brothers' entities have released their Second Report to the Creditors (the Report) to creditors and contributories of those entities:

  • Lehman Brothers Asia Holdings Limited (In Liquidation)
  • Lehman Brothers Commercial Corporation Asia Limited (In Liquidation)
  • Lehman Brothers Asia Capital Company (In Liquidation)
  • Lehman Brothers Securities Asia Limited (In Liquidation)
  • Lehman Brothers Futures Asia Limited (In Liquidation)
  • Lehman Brothers Asia Limited (In Liquidation)

The Reports are confidential and have only been released to reported creditors and contributories of the respective Lehman entities. If you are a creditor of a Hong Kong Lehman entity and did not receive a copy of the Report, you may wish to get in contact with KPMG, as soon as possible, to obtain a copy. Please see the link below to KPMG's Hong Kong website for Lehman specific inquiries and updates:

Lehman Brothers - Latest Updates

The Reports contain information relating to the progress of the winding-up, with details regarding the steps taken and the steps that will be taken for the realisation of assets. The Reports also provide a general summary of the claims received by the Liquidators to date, the timing of when such claims will be adjudicated and the expected timing for the payment of dividends. The Liquidators have indicated that given the complexity of the Lehman Brothers insolvencies in Hong Kong, it remains difficult to provide creditors with an accurate or reasonable estimate of return. However, it is expected that the Liquidators will make the first dividend distribution to creditors sometime in 2011.

If you are a creditor of any of the Hong Kong Lehman entities, but failed to submit your Proof of Debt to the Liquidators by 14 August 2009, you are not precluded from doing so now, as long as claims are received by the Liquidators prior to the declaration of the final dividend. The Liquidators have urged creditors to submit Proofs of Debt as soon as possible. You may wish to refer to our eAlert, dated 27 July 2009 for more information on how to complete the Proof of Debt. Alternatively, you may wish to contact one of the people listed at the end of this update or your regular Allen & Overy adviser if you have specific issues.

 

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