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Update regarding an application received from the German Tax Authority and Deutsche Bank AG

MFGUK update regarding German Tax Authority

We refer to our update dated 8 October 2018 (Update regarding an application received from the German Tax Authority and Deutsche Bank AG)

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Update regarding an application received from the German Tax Authority and Deutsche Bank AG - MF global logo

We refer to our update dated 8 October 2018 (Update regarding an application received from the German Tax Authority and Deutsche Bank AG) as well as the Special Administrators’ Progress Report for the 6 month period from 1 May 2018 to 30 October 2018 dated 30 November 2018.

This update relates to the appeals filed by both the German Tax Authority (“GTA”) and Deutsche Bank AG (“Deutsche Bank”) against the rejection of their proofs of debt by the Joint Special Administrators (together the “Appeals”), the applications submitted by the GTA and Deutsche Bank on 17 August 2018 and 19 September 2018 respectively to stay the Appeals pending resolution of certain matters in Germany (together the “Stay Applications”), and the subsequent adjournment of the proposed directions hearing which was due to be heard in October 2018 before the High Court of England.

On 19 October 2018, the Joint Special Administrators served evidence in response to the Stay Applications, following which the GTA and Deutsche Bank served evidence in reply on 21 December 2018. The Joint Special Administrators served additional evidence on 11 January 2019. A two-day hearing has now been listed over a three-day window commencing on 24 January 2019. The new hearing is a substantive hearing in respect of questions as to the appropriate jurisdiction for the resolution of certain matters relevant to the GTA Appeals.

Please note that creditors of MFGUK may request copies of certain documents comprising the Joint Special Administrators’ as well as the GTA’s and Deutsche Bank’s evidence from the Court. If you have questions or concerns about these applications, please contact the Joint Special Administrators at mfglobalclaims@kpmg.co.uk.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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