ALL creditors in the collapse of Lehman Brothers five years ago are a step closer to recovering the entirety of their claims, with the possibility for additional interest payments.
Another significant payout to unsecured creditors is expected in November, say administrators at PwC. In March this year, a top-end payout of 116.2p in the pound was forecast, but this could be higher.
Since the start of the administration PwC has returned £21 billion to creditors through a 68.5p in the pound payout. The prospect of a 100 per cent recovery for any insolvent estate is unusual. Tony Lomas, joint administrator and PwC partner, described it as “one of the most complex insolvencies the financial world has ever seen.”
A total of 2,100 unsecured creditor claims totalling £9bn have now been admitted to the Lehman estate and another 1,300 claims worth £7.5bn have been filed but remain to be agreed.