Administrators and the statutory objective
2 min read
Following the approval of a scheme of arrangement, the administrators of Lehman Brothers Investment (Europe) (“LBIE”) received a request from the directors of LBIE to distribute the surplus to the sole shareholder. The administrators had surplus cash of £29m, with a further £145m expected by the end of 2020. Administrators have no power to distribute to shareholders, but they do have a power to permit the company to exercise a management power. Could that be done here?