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

Update regarding an application received

We refer to our update dated 8 February 2019 (Update regarding an application received from the German Tax Authority and Deutsche Bank AG).

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This update relates to the hearing on 28 and 29 January 2019 before Mr Justice Hildyard in the English High Court in relation to the applications 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”) and, in particular, 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”).

Judgment was handed down on 22 March 2019 in relation to the Stay Applications.  Whilst the effect of the judgment is still being considered by the Joint Special Administrators, and the order that flows from the judgment has not yet been agreed (the Court has agreed 1 April as the deadline), the general terms of the judgment are that, subject to certain conditions:

  1. The Stay Application filed by the GTA has been allowed so that, in effect, the dispute is to be referred to the German Courts; and
  2. The Stay Application filed by Deutsche Bank has not been allowed so that, in effect, the DB Mirror Claim and DB Indemnity Claim can be determined in the English Court without first having to await the outcome of the proceedings in Germany.   

A copy of the judgment can be viewed here. A further update will be provided to creditors when the terms of the Order have been agreed and in the event that the judgment is to be appealed.

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.

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