Michelmores in The Lawyer's Top 20 cases of 2015

'Top 100' law firm Michelmores LLP has been recognised in The Lawyer's 'Top 20 cases of 2015', acting on behalf of York Global Finance in relation to the administration of Lehman Brothers International (Europe) − one of the largest international disputes of this year.

The firm's Banking, Restructuring & Insolvency team is acting for hedge fund York Global Finance BDH LLC, in an application known as 'Waterfall II' made by the administrators of Lehman Brothers International (Europe) – Lehman Brothers' main UK subsidiary.

The Michelmores team is led by Charles Maunder, Head of Banking, Restructuring & Insolvency, and Peter Sigler, assisted by solicitor Jack Isaacs.

Described by the Financial Times, as the "largest and most complex part of the Lehman Group", Lehman Brothers International (Europe) entered administration in September 2008 and its administrators, PwC, estimate there will be a surplus of between £5bn and £7.4bn − now that all unsecured creditors have been paid.

The three other parties involved in the 'Waterfall II' application are represented by Linklaters, Freshfields Bruckhaus Deringer and Kirkland & Ellis.

The case, which is yet to be concluded, covers important principles of insolvency law with respect to creditors' entitlements to share in the surplus. The High Court is being asked to determine 39 novel points of law and construction which have potentially far-reaching implications in the context of the calculation of statutory interest and foreign currency debts and the interpretation of master agreements.

Charles Maunder said: "It is fantastic to be recognised in The Lawyer's 'Top 20' rankings this year, for our work on this ongoing, high-profile case – the outcome of which will be of interest to a wide range of stakeholders."

The Lawyer magazine's annual 'Top 20' recognises the UK law firms and individuals involved in the most significant cases each year. The complete list of Top 20 cases of 2015 can be viewed here.

For more information on Michelmores' Banking, Restucturing & Insolvency services, please contact Charles Maunder on +44 (0) 207 659 7680 or by email to charles.maunder@michelmores.com.