Tony Lomas, partner at PwC
Creditors of the ill-fated Lehman Brothers bank are set to begin getting their money back by the end of the year, it has emerged today (13 April).
According to a progress report released by the US financier's administrator PwC, the company's London division will soon be in a position to start returning funds lost by investors following its collapse at the onset of the global economic downturn.
Tony Lomas, partner at PwC, commented: "There does now seem to be sufficient clarity that we can plan to make a first interim distribution to unsecured creditors by the end of this year."
It has not yet been revealed how much will be paid back in 2012 but, according to the Financial Times, Lehman Brothers' US unit revealed earlier this week it will start returning some $22.5 billion to creditors later this month.
Within its report, PwC indicated it expects to recover up to £13.4 billion ($21.4 billion) in the UK.
By Asim Shah