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ARTICLE · 25 JANUARY 2013

General Liens And Financial Collateral

Fieldfisher
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The recent case of Re Lehman Brothers International has much to offer to interest those involved in taking security over financial collateral.

United KingdomFinance and Banking
Robert Cooke
Robert Cooke

The recent case of Re Lehman Brothers International (Europe) (in administration) [2012] EWHC 2997 (Ch), in which we acted for Lehman Brothers Finance ("LBF"), has much to interest those involved in taking security over financial collateral.  The court was asked to consider no less than 27 issues relating to an English law governed master custody agreement ("MCA") between different Lehman's entities, but this note only addresses those likely to be of most interest to lenders. 

The key issues were the nature of the security created by the MCA made in August 2003 between Lehman Brothers International (Europe) ("LBIE") as custodian and LBF, being one of LBIE's group companies, and the application of the Financial Collateral Arrangements (No 2) Regulations 2003 (the "Regulations") to that security.

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