Graeme Halkerston

Banking and financial services

Graeme has acted in many high-profile banking and financial services matters. Many of his cases involve investment disputes, and in particular joint venture, hedge fund and private equity litigation. Offshore vehicles, offshore litigation and onshore cases involving offshore legal issues are his bread and butter, and he regularly acts in cases in the Cayman Islands and the BVI or as an expert on matters of offshore law in onshore cases. A significant proportion of his matters concern parallel litigation in the United States.

Representative work includes:

• Advising private equity fund on disputes with partner as to payment entitlements.
• Advising investment fund in dispute with lender as to lender’s rights to equity participation.
• Representing liquidators of collapsed investment vehicle which had been the victim of $250m fraud, including proceedings to manage and resolve proprietary and other claims asserted against the fund’s assets.
• Advising litigation funder on potential claims and strategic options against a director of international group of alternative energy providers.
• Advising a private equity fund on potential claims against the fund, investment manager and directors following an unsuccessful investment.
• Acted for investors in a failed Bahamas investment fund on potential claims against funders and management.
• Representing provisional liquidators of collapsed online brokerage firm dealing with multi-jurisdictional claims and the recovery and restoration of funds to clients, including obtaining MF Global and Berkeley Applegate orders.
• Representing investors in Cayman Islands and BVI companies in numerous share valuation disputes.
• Expert witness on issues of Cayman law in $100m claim in New York brought by a collapsed hedge fund against a major bank.
• Representing bond investors in the OGX Brazilian oil conglomerate which collapsed with $60bn losses in fraud claims against former management, including co-ordinating worldwide freezing orders in several jurisdictions.
• Intervening in offshore insolvency to overturn permission to bring New York proceeding against a major international bank.
• Acting as expert on issues of offshore law in the English High Court and US jurisdictions as to the duties of fund directors in claims brought by creditors and/or investors.

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Company law

Disputes about investment vehicles and joint ventures form a significant part of Graeme’s company law practice. Unfair prejudice claims, directors’ duties, derivative actions and companies owned by divorcing couples are central to many of his recent cases.

His in-depth knowledge of the laws of the major offshore jurisdictions is particularly helpful in such disputes, whether the litigation is taking place in England or in offshore jurisdictions.

Representative work includes:

• Representing England-based director in a collapsed property investment company involved in investor litigation in the England, the United States and the BVI.
• Acting for company and directors of NASDAQ-listed Chinese pharmaceutical company incorporated in the Cayman Islands defending allegations from former majority shareholder that the board issued equity and took management steps for improper purposes. Matter has involved three rounds of interim injunction applications.
• Advising in BVI unfair prejudice disputes as to the allocation of resolution between arbitration and Court proceedings.
• Advising in Cayman unfair prejudice disputes as to the allocation of resolution between arbitration and Court proceedings.
• Advised on the application of assets and liabilities of a segregated portfolio investment company and obtained Court approval of a merger of any claims against former management and advisers to permit those claims to proceed in the United States.
• Expert witness on Cayman Islands law in New York class action arbitration proceedings arising from an allegedly fraudulent “go private” transaction.

Providing expert evidence on issues of offshore company law including:

• Expert witness on issues of Cayman law in $100m claim in New York.
• Provided expert opinions on derivative actions, share valuation mechanisms and directors’ duties in company litigation in New York.
• Instructed as expert on scope of Cayman fund directors’ duties in English High Court litigation.

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Insolvency

Graeme’s work encompasses both domestic and international insolvency. He is often instructed when financial services companies have collapsed and on the ensuing professional liability claims on behalf of insolvent estates. He has extensive experience of offshore insolvency issues and appears regularly in offshore courts.

Representative insolvency work includes:

• Advising the liquidators of Global Steel Holdings, the holding company of Pramod Mittal’s businesses, in claims and information gathering proceedings in England, BVI, Isle of Man and Nigeria, including obtaining $350m freezing orders in England and BVI. Mr Mittal claimed to be “Britain’s biggest bankrupt”.
• Representing administrators of insolvent construction business with prior annual turnover in excess of £200m on claims against former directors, shareholders and associated companies arising from the alleged diversion of assets.
• Advising on BVI issues arising from the reorganisation of international development financing arrangements in respect of a World Bank-funded construction project.
• Acted successfully for claimant in 3-week fraud trial seeking damages against directors of an insolvency property development company.
• Advising in creditor-funded insolvency proceedings against a director of insolvent metal trading company.
• Representing provisional liquidators of collapsed online brokerage firm dealing with multi-jurisdictional claims and the recovery and restoration of funds to clients, including obtaining MF Global and Berkley Applegate orders.
• Advising major care home services provider on matters arising on the closeout of an administration process.
• Representing liquidators of collapsed investment vehicle which had been the victim of $250m fraud, including proceedings to manage and resolve propriety and other claims asserted against the fund’s assets.
• Representing construction company in opposing enforcement of adjudications following the counter party entering in a CVA.
• Representing major UK professional sports club in winding up proceedings issued by HMRC.
• Intervening in offshore insolvency to overturn permission to bring New York proceedings against a major international bank.
• Successfully obtained stay of Cayman insolvency proceedings to determine professional adviser claims in favour of arbitration as included in advisory agreements. Stay was confirmed by the Court of Appeal.
• Advised on the application of assets and liabilities of an insolvent segregated portfolio investment company and obtained Court approval of a merger of any claims against former management and advisers to permit those claims to proceed in the United States.
• Regularly acting as an expert witness on matters of Cayman Islands law, particularly insolvency law in US litigation.

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Professional liability

Graeme has a broad range of professional liability experience with particular expertise in cases involving auditors, legal advisers, directors and financial advisers. He is often instructed in cases arising out of the collapse of financial institutions, particularly when there are cross-border issues or parallel regulatory or criminal proceedings.

Representative professional liability work includes:

• Representing tax advisers on 8-figure claims by former clients alleging negligent tax advice.
• Representing shareholders of large group holding company as to claims against professional service providers following the provision of negligent tax advice.
• Advising a private equity fund on potential claims against the fund, investment manager and directors following an unsuccessful investment.
• Acted for investors in a failed Bahamas investment fund on potential claims against funders and management.
• Advising investor action groups in disputes regarding the management of investment fund, including claims against funds based in Guernsey and the Cayman Islands.
• Acting for England-based director in a collapsed property investment company involved in $400m investor litigation in the England, the United States and the BVI on claims that the director breached his duties to the company and to investors during the promotion of the company.

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International arbitration

Graeme regularly acts in international arbitration matters. He also appears in court matters than interact with ongoing arbitrations, particularly in the context of shareholder remedy claims.

Representative work includes:

• Appearing in ICC arbitration in Singapore related to the construction of a major petro-chemical plant.
• Acting on ad hoc London arbitration to resolve disputes arising under a shareholders agreement between minority and majority shareholders of a large aviation services business.
• Expert witness on Cayman Islands law in New York class action arbitration proceedings arising from an allegedly fraudulent “go private” transaction.
• Applying for a stay of insolvency litigation proceedings in favour of AAA arbitration in New York.
• Advising in BVI unfair prejudice disputes as to the allocation of resolution between arbitration and Court proceedings.
• Advising in Cayman unfair prejudice disputes as to the allocation of resolution between arbitration and Court proceedings.

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International / offshore

Graeme is a specialist in offshore litigation and is ranked in Tier 1 by both Legal 500 and Chambers & Partners for offshore law.

Offshore vehicles, offshore litigation and onshore cases involving offshore legal issues are his bread and butter. While many of his cases relate to disputes in the Cayman Islands and the BVI, he has advised on matters in all the major OFC jurisdictions. Prior to joining Chambers, Graeme was litigation partner in one of the leading Cayman firms.

A significant proportion of his cases concern litigation in the United States involving matters of offshore law or parallel litigation in offshore jurisdiction. He regularly acts expert witness or consulting expert on matters of offshore law in onshore cases.

Representative work includes:

• Representing as advocate the liquidators of collapsed Cayman investment vehicle which had been the victim of $250m fraud, including proceedings to manage and resolve proprietary and other claims asserted against the fund’s assets.
• Advising a private equity fund on potential claims against the fund, investment manager and directors following an unsuccessful investment.
• Acting for company and directors of NASDAQ-listed Chinese pharmaceutical business incorporated in the Cayman Islands defending allegations from former majority shareholder that the board issued equity and took management steps for improper purposes. Matter has involved three rounds of interim injunction applications.
• Representing bond investors in the OGX Brazilian oil conglomerate which collapsed with $60bn losses in fraud claims against former management, including coordinating worldwide freezing orders and disclosure orders in several jurisdictions in support of substantive US proceedings.
• Advising on BVI issues arising from the reorganisation of international development financing arrangements in respect of a World Bank-funded construction project.
• Advising the liquidators of Global Steel Holdings, the holding company of Pramod Mittal’s businesses, in claims and information gathering proceedings in England, BVI, Isle of Man and Nigeria, including obtaining $350m freezing orders in England and BVI. Mr Mittal claimed to be “Britain’s biggest bankrupt”.
• Advising US-based creditor who successfully appealed a judgment in a proof of debt appeal in Cayman insolvency proceedings three years later following the discovery of material information that was not produced by the litigators at first instance.
• Obtaining stay of Cayman proceedings in favour of AAA arbitration in New York, acting as advocate at first instance and on appeal.
• Intervening in Cayman insolvency to overturn permission to bring New York proceeding against a major international bank.
• Representing as advocate the provisional liquidators of collapsed online brokerage firm dealing with multi- jurisdictional claims and the recovery and restoration of funds to clients, including obtaining MF Global and Berkeley Applegate orders.
• Representing high-net-worth individual on effect of freezing orders, disclosure orders, third-party orders and parallel relief in offshore jurisdictions following claims in High Court for damages in excess $200m arising out of a corporate finance transaction.
• Representing investors in Cayman Islands and BVI companies in numerous share valuation disputes.
• Advising investor action groups in disputes regarding the management of investment fund, including claims against funds based in Guernsey and the Cayman Islands.
• Advised on the application of assets and liabilities of a segregated portfolio investment company and obtained Court approval of a merger of any claims against former management and advisers to permit those claims to proceed in the United States.

Providing expert evidence on issues of offshore company law including:

• Expert witness on issues of Cayman law in $100m claim in New York brought by a collapsed hedge fund against a major bank.
• Expert witness on Cayman Islands law in New York class action arbitration proceedings arising from an allegedly fraudulent “go private” transaction.
• Provided expert opinions on derivative actions, share valuation mechanisms and directors’ duties in company litigation in New York. Expert evidence was cited before the New York Court of Appeals.
• Instructed as consulting expert and expert witness of issues of Cayman Islands insolvency law and procedure.
• Instructed as expert on scope of Cayman fund directors’ duties in English High Court litigation.

Download International / offshore CV