Global Financial Services Regulation > UK and International Finance Litigation

Overview

Parties in high-value financial services disputes have long relied on the strengths of English courts, principally, and settled common law.

Representative Matters

  • Advising an ad hoc group of creditors of Premier Oil, a leading independent UK oil company with worldwide oil and gas interests, in the contentious aspects of a high-profile and complex restructuring. We advised our clients on the response to a challenge to the proposed restructuring from another significant stakeholder, which included defending an injunction application, and opposing the challenge to the sanctioning of a proposed scheme of arrangement resulting in several days of hearing in the Scottish court. The injunction and the challenge to the scheme were rejected in their entirety in a landmark judgment, which now stands as authority for a number of previously untested points in the context of schemes of arrangement.
  • Successfully defended Mr. Foresman, a senior bank executive, in defence of litigation arising from an investment in a consortium bidding for assets in the Yukos insolvency. Rated as one of the top 20 cases before the English Commercial Court in 2019.
  • Advising the joint administrators of African Minerals Limited (AML). AML was a UK listed company that went into administration in 2015 with debts of approximately $1 billion. We have advised the administrators throughout on multiple litigation issues, including a $200 million complex intercompany accounting claim in the English High Court and a novel scheme of arrangement effecting the transfer of a complex outbound claim to a creditor-controlled vehicle.
  • Advising Oceanwood Capital Management on multiple sets of proceedings arising out of the financial restructuring of the Norske Skog group, a Norwegian-headquartered paper business with approximately €1 billion of debt. The restructuring was very high-profile, and involved litigation in both London and New York, which attracted significant media attention.
  • Advised Fairhold Securitisation Limited on the complex litigation issues arising in the context of the restructuring of the company’s liabilities, including obtaining expedited declaratory and injunctive relief from the English High Court.

Services In-Depth

Investment fund/private equity disputes. We frequently advise investment fund clients on the full range of equity investment disputes, including those related to misleading offering documents, general partner and limited partner disputes, boardroom deadlock, shareholder and joint venture (JV) disputes and shareholder activism.

Creditor litigation. Our market-leading cross-border litigation practice handles a wide range of credit investor disputes, in particular those in the distressed debt space, sovereign (and quasi-sovereign) disputes—including those in Argentina, Iceland, Greece, Africa and the Comonwealth of Independent States (CIS) and intra-creditor disputes over interpretation of complex finance documents.

Contentious restructuring. Working seamlessly with the London office’s market-leading restructuring transactional practice, we ensure that our investment fund clients are in a position to enforce rights, pursue remedies and protect their interests in the context of high value, complex cross-border restructurings.

Litigation finance. The firm is well-known for advising investment funds in the burgeoning area of litigation financing opportunities, including structuring bespoke financing and security arrangements for individual asset recovery investments, and designing co-investment, portfolio funding and other innovative structures.

Civil fraud. The team has particular experience pursuing and defending against allegations of misconduct and fraud. Our London office has strength in the energy sector and is highly familiar with the Russian and the CIS markets. We are skilled in obtaining and resisting mandatory and prohibitive injunctions, international and domestic freezing injunctions and anti-suit proceedings in support of domestic litigation and arbitration.

Asset preservation and tracing. The team has the ability to identify and trace assets held by a defendant and to enforce against them. We often apply for and obtain disclosure and protection orders such as the Norwich Pharmaceutical orders and their equivalents in other jurisdictions, worldwide freezing orders against defendants and associated alleged violators and asset disclosure orders requiring defendants to identify all assets on pain of committal.