Press release -
ESBC has sold its claims against the insolvent estate of LBI
East Staffordshire Borough Council has sold its claims against the insolvent estate of LBI. The claims were sold through a competitive auction process.
The price at which the claims were sold was based on a reserve price set by East Staffordshire Borough Council on the basis of legal advice received from Bevan Brittan and financial advice procured by the LGA.
The proceeds of the sale were paid in cash in Pounds Sterling and those funds have already been received by East Staffordshire Borough Council. The sale means that East Staffordshire Borough Council has recovered 93.6% of the amounts that were originally deposited with LBI in 2008.
We are obviously delighted that we have recovered a very large portion of our LBI deposits. The sale of our claims represents a clean break. East Staffordshire Borough Council is now no longer a creditor of LBI.
- burton upon trent
- east staffordshire borough council