Lehman liquidators obtain court approval for interim payment of costs
Lehman liquidators obtain court approval for interim...
KPMG's Paul Brough, Edward Middleton and Patrick Cowley, the Liquidators of the eight Hong Kong based Lehman Brothers entities, have obtained an order from the High Court allowing them an interim payment of 75% of the professional costs incurred during the period when they acted as Provisional Liquidators between September 2008 and March 2009.
Total costs of the Provisional liquidators and their advisers in the 'provisional liquidation' period amounted to HK$291 million, and realisations to date are in excess of HK$4 billion. The costs will also be subject to a Court supervised assessment process in due course.
Liquidator Patrick Cowley said: "The collapse of Lehman is now generally accepted as the most complex global insolvency in corporate history and the costs incurred reflect the scale and complexity of a business with over HK$350 billion of assets and liabilities, operating across the whole of Asia, in a wide array of investment banking activities, and as part of a truly global enterprise."
The Liquidators have recently signed an International Protocol with a number of insolvency administrators appointed around the world. This should create a cooperative framework for them to continue realising assets and addressing the many intra-group issues that will arise in the course of this insolvency process.
- Ends -
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 144 countries and have 137,000 people working in member firms around the world.
The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG China has 12 offices (including KPMG Advisory (China) Limited) in Beijing, Shenyang, Qingdao, Shanghai, Nanjing, Chengdu, Hangzhou, Guangzhou, Fuzhou, Shenzhen, Hong Kong and Macau, with more than 8,500 professionals.
© 2022 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in Mainland China, KPMG, a Macau (SAR) partnership, and KPMG, a Hong Kong (SAR) partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.