Lehman Brothers Financial SA (LEHNQ)

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We are currently considering the best strategy for extending / ending the administration pending the outcome of
the ongoing litigation to resolve the remaining proof of debt. The court is likely to hand down its decision during the
next reporting period. We’ll provide an update on this in our next report.
The Administrators’ next formal progress report to creditors will be in approximately six months’ time, and will be
posted to the website on or before 14 April 2025.

Section 1: Introduction
Introduction
This is the thirty-second progress report prepared by the Administrators of the Company.
This report provides an update on the work the Administrators have undertaken, with a particular focus on progress
made in the Reporting Period.
Earlier reports can be viewed on the LBIE website at
https://www.pwc.co.uk/services/business-restructuring/administrations/lehman/lehman-brothers-international-europe.html
Objective of the administration
The Administrators are pursuing the objective of rescuing the Company as a going concern, as approved by the
Chancellor of the UK High Court on 15 July 2020 in the context of a directions application in relation to preferred equity
distributions. The Administrators continue to review the objective of the administration on a regular basis.
Interests of remaining creditors
As set out in previous reports, the relevant provisions of the Surplus Scheme continue to remain in effect to deal with
the small handful of creditors who, mostly due to a failure to provide valid Standard Settlement Instructions (“SSI’s”),
have not received their interest. LBIE will no longer owe any amounts to these outstanding creditors, assuming that
they have still not engaged and provided SSI details, when the one creditor who continues to have an unagreed proof
of debt pending resolution of connected litigation has either been paid or it has been determined that this party is not in
fact a creditor of LBIE.
Operating Committee and governance arrangements
The Administrators continue to regularly meet with the Operating Committee to explain how key aspects of the
administration are being dealt with and to consult with the Operating Committee on relevant issues. There has been no
change to the constitution of the Operating Committee.
Why we remain in office
The Administrators remain in office to deal with the following tasks:
? To cooperate with further requests from the Directors to make distributions to the Shareholder if it is appropriate to
do so;
? To resolve the remaining pending proof of debt;
? To manage the Company’s ongoing litigation whilst it remains appropriate to do so and work out the Company's
residual assets;
? Compliance with tax and VAT matters;
? Compliance with statutory tasks; and
? To end the administration in an orderly fashion and where appropriate, transition the conduct of the Company's
remaining business and activities to its Directors.
Further details are contained within the body of this report.
What you need to do
This report is for your information and you don’t need to do anything.
This report and future updates
On 25 November 2022 the UK High Court granted the Administrators’ term in office to be extended to 30 November
2025. We are currently considering the best strategy for extending / ending the administration pending the outcome of
the ongoing litigation to resolve the remaining proof of debt. The court is likely to hand down its decision during the
next reporting period. We’ll provide an update on this in our next report.
The Administrators’ next formal progress report to creditors will be in approximately six months’ time, and will be
posted to the website on or before 14 April 2025.
3 Joint Administrators’ progress report from 15 March 2024 to 14 September 2024

https://www.pwc.co.uk/services/business-restructuring/administrations/lehman/lehman-brothers-international-europe/progress-reports.html