Insolvency & Restructuring News

Supreme Court allows appeals in Nortel and Lehman

24/07/13

The Supreme Court has today unanimously allowed the appeals in In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies (no. 2) [2013] UKSC 52 and held that a liability under an FSD issued after a company has gone into administration ranks as a provable debt and not as an expense of the administration.

A link to the judgment, which will be welcomed by the profession, is attached below. A technical bulletin discussing the decision in detail will follow in due course.


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Recent Bulletins

A key service provided by the ILA is the provision of bulletins keeping its membership up-to-date with the latest developments in insolvency law.

Below are a selection of recent topics covered:

  • Perhar v Freestone – Validity of Appointment ofAdministrators by Qualifying Floating Charge Holder
  • Credit Suisse v Softbank Group – s423: what constitutes a“transaction”; court declined to grant relief
  • Sos v Sahonta - provisional liquidation constituted terminal insolvency proceeding for the purposes of Reg 8(7) TUPE