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Commercial set 3-4 South Square has been instructed by Linklaters to make the application on behalf of PricewaterhouseCoopers to dissolve Lehman Brothers in the UK.
Linklaters partners Euan Clarke and Tony Bugg, who are leading the magic circle firm team, instructed William Trower QC (pictured) and Daniel Bayfield, both of 3-4 South Square, to make submissions on Monday morning (15 September) in front of Mr Justice Henderson.
The set’s senior practice manager, Paul Cooklin, said that since then the phones in chambers “have been red hot” with clients such as banks and hedge funds seeking advice.
Cooklin said: “There are all sort of people coming out of the wood-work on a global scale.
“With a Chapter 11 in Amercia and now in Japan clients internationally want to understand how the administrations rules in the UK apply and whether they can reap any of their money back.”
Cooklin said that his set was busy because of its speciality in insolvency but added other chambers will soon find themselves with inquiries too.
“Along with insolvency there tends to be asset tracing, litigation, sometimes a fraud element or negligence of behalf of the directors or regualtory issues. All of this will lead to chambers becoming busy,” said Cooklin.