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Update regarding an application received from the German Tax Authority and Deutsche Bank AG

GTA and Deutsche Bank application update

We refer to our update dated 26 September 2018 (Update regarding an application received from Deutsche Bank AG).

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We refer to our update dated 26 September 2018 (Update regarding an application received from Deutsche Bank AG). This update relates to the appeals filed by both the German Tax Authority (“GTA”) and Deutsche Bank AG (“Deutsche Bank”) dated 28 February 2018 against the rejection of their proofs of debt by the Joint Special Administrators (together the “Appeals”) and the proposed directions hearing which was due to be heard in October 2018 before the High Court of England (the “Directions Hearing”).

The parties have agreed to adjourn the Directions Hearing and are in the process of fixing with the High Court a new date which, subject to Counsels’ availability and the Court’s diary, is likely to be in January or February 2019.  It is expected that the new Court date will be a substantive hearing (in respect of the questions as to the appropriate jurisdiction for the resolution of certain claims between the GTA and MFGUK) rather than a procedural hearing and it is intended that the parties will consensually agree directions working back from the hearing date when fixed.  

Please note that creditors of MFGUK may request copies of the GTA Jurisdiction Application and the DB Jurisdiction Application from the Court.  If you have questions or concerns about these applications, please contact the Joint Special Administrators at mfglobalclaims@kpmg.co.uk.

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