Lehman five years on

Five years on it is possible Lehman's creditors could receive 100p in the pound. PwC lead administrator Tony Lomas explains

Looking back on that fateful weekend back in September 2008, I remember being in a Chinese restaurant with my family when I received a call from Lehman's legal team telling me to prepare for what was set to be the most complex insolvency the world has seen to date and also the most complex I have ever worked on.

After spending the whole of Sunday at Lehman Brothers with their board preparing for what would happen if the US parent company could not be saved, I was taken aback by the scale, complexity and knock-on effects of the potential insolvency for the European arm.

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