Sale of Claim in LBI
Decision Maker: Leader of the Council
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
This report authorises the London Borough of Barnet to, through its lawyers, Bevan Brittan, and the Local Government Association, to instruct Deutsche Bank to approach the market on its behalf with a view to selling its priority claim against the insolvent estate of LBI. Any sale of the claim is subject to receipt of a bid price that is acceptable to the Council.
The administration of the insolvent estate of LBI is likely to continue for several years given the complexity of the on-going issues in Iceland which creates a level of uncertainty around the timing of recoveries through the administration process. A sale of the claim would remove the uncertainty and allow immediate access to funds owed to the Council.
Urgent item?: Yes
Publication date: 22/01/2014
Date of decision: 20/01/2014