*Lehman Brothers Australia Ltd (in liquidation) (scheme administrators appointed) v Lomas and others

Company – Administration. Lehman Brothers Australia Ltd (LBA) failed in its application for an order directing the administrators of Lehman Brothers International (Europe) (LBIE) to admit a claim by LBA in LBIE's administration, which was greater than that which the parties, acting through their respective office-holders, had contractually agreed, due to mistake in the calculation of claim. The Chancery Division held that there was no basis, under para 74 of Sch 3 to the Insolvency Act 1986 or under the rule in Re Condon, ex Parte James[1874-80] All ER Rep 388, for it to intervene in the manner sought by LBA; that para 74 of Sch B1 did not justify any broader approach to the rule in ex Parte James; and that there was no reason or justification for not giving effect to contractual obligations which had been freely entered into, and in circumstances where the agreed claim amount had been admitted to proof and had been paid to LBA in full.

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