Burlington Loan Management Ltd & Ors. v Lomas & Ors 24/10/17 (CA)

The court determined issues arising from the distribution of the surplus in the administration of Lehman Brothers Europe. The appellant creditors wanted to prove in the administration for post-distribution foreign currency exchange losses and interest. The Court of Appeal held that the Insolvency Rules provided a complete code for the award of statutory interest on provable debts, and the debts proved included the whole of the principal and probably all outstanding pre-administration interest. Interest was payable for the period of the administration until payment of the last dividend. There was not room for the concept of interest, let alone compound interest being payable in respect of any later period. There was no right for compensation for late payment of statutory interest in the absence of a legal wrong.