Sri Carmichael

Civil fraud and asset recovery

Sri has acted in substantial commercial fraud claims, including conspiracy claims. She has considerable experience cross-examining on allegations of fraud and dishonesty and is frequently instructed in disputes with a company law or insolvency angle due to her cross-discipline expertise.

Recent work includes:

• Acting in a large-scale deceit claim concerning a project to develop a polo community in the Bahamas. Sole counsel.
• Floreat Investment Management Limited v Churchill & Ors [2022] EWHC 357 (Comm): Acting for the manager of a Cayman Islands investment fund in a multimillion-dollar three-week fraud trial in the Commercial Court against the fund’s former investment advisers.
• Acting for one of Europe’s largest sports agencies in a dispute with one of its former directors over his alleged misappropriation of funds and business opportunities. Sole counsel.
• Advising on urgent injunctive relief against a former employee impersonating his former employer and using its confidential information to defraud the employer and its customers and suppliers. Sole counsel.
• MDS Accident Repair Centre Limited (in liquidation) v Dudey & Ors: Acting for the claimant in an eight-day trial of a breach of duty/knowing receipt claim in which it was alleged that the company’s de facto directors had diverted the company’s funds to their own corporate entities. Sole counsel.
• Harry v Harry & Salisbury Autistic Care Limited: Succeeded in the trial of a shareholder dispute concerning the fraudulent diversion of a multimillion-pound care home business. Sole counsel.
• Defending former consultants to the commercial arm of a leading university who were alleged to have misappropriated confidential information worth millions of pounds in respect of computer gaming programs developed for the military and police. Sole counsel.
• Acting for a US-based shareholder of a technology company operating from the Ukraine in a dispute concerning apparently fraudulent conduct by the company’s other shareholders. Sole counsel.
• Acting for a private bank and its directors in a multimillion-pound commercial fraud claim concerning misappropriation of confidential information and a maturing investment opportunity. Sole counsel.
• Acting for a renewable energy company in a claim against a former director for diverting business opportunities. Sole counsel.
• Defending former employees of a Norwegian media firm against allegations of breach of duty, breach of confidence, knowing receipt and conspiracy in a claim that raised conflict of laws issues. Sole counsel.

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Company law

Sri frequently acts in unfair prejudice petitions, claims for breaches of shareholders’ agreements and claims against directors. She also advises on technical aspects of company law concerning corporate governance, including meetings and resolutions, and has experience of joint venture disputes.

Sri has successfully acted as sole counsel in lengthy unfair prejudice and breach of duty trials involving allegations of fraud and dishonesty.

Recent work includes:

• CLO HoldCo Limited v Highland CLO Funding Limited [2023] GRC061. Acting for the successful Respondent in a complex, high value unfair prejudice petition in Guernsey, which raised interesting issues about the duty of good faith and the role of equitable considerations in commercial relationships. Led by Alan Gourgey KC.
• Advising minority shareholders in respect of two related unfair prejudice petitions concerning global mining companies.
• Harry v Harry & Salisbury Autistic Care Limited: Succeeded in the liability trial of an unfair prejudice petition between two brothers concerning the fraudulent diversion of a multimillion-pound care home business. Sole counsel.
• Acting for one of Europe’s largest sports agencies in a dispute with one of its former directors over his alleged misappropriation of funds and business opportunities. Sole counsel.
• MDS Accident Repair Centre Limited (in liquidation) v Dudey & Ors: Acting for the claimant in an eight-day trial of a breach of duty/knowing receipt claim in which it was alleged that the company’s de facto directors had diverted the company’s funds to their own corporate entities. Sole counsel.
• Enterprise Insurance Company plc (in liquidation) v EHL Realisations Limited & Ors: Acting as part of the counsel team instructed by the claimant on this complex £50m fraudulent breach of duty claim in the Supreme Court of Gibraltar arising out of the much-publicised collapse of one of Gibraltar’s largest insurers. Focused on the financial assistance element of the claim.
• Acting for a US-based shareholder of a technology company operating from the Ukraine in a multimillion-pound dispute for breach of the shareholders’ agreement. Sole counsel.
• Acting for a minority shareholder in a dispute over the operation of an eyewear company which involved misappropriation of company assets and a threatened rights issue to dilute the client’s shareholding. Sole counsel.
• Acting for a director and shareholder in a dispute over ownership of the company and rectification of the register of members, involving a claim for proprietary estoppel. Sole counsel.

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Insolvency

Sri acts for officeholders, creditors, companies and company directors in respect of winding up petitions and injunctions to restrain, antecedent transactions, allegations of misfeasance and wrongful trading, and other issues arising out of liquidations, administrations and CVAs.

Sri is also instructed by trustees in bankruptcy, creditors and debtors in respect of statutory demands, bankruptcy petitions (including annulment and rescission applications), IVAs and debt relief orders.

Recent work includes:

• Ackerman v Leeds, Hellard, Ackerman & Ors: Application under s.303 Insolvency Act 1986 to set aside a decision of the Applicant’s former Trustees in Bankruptcy to assign a claim to my Respondent clients rather than the Applicant. Part of a long-running, complex family dispute. Led by Marcia Shekerdemian KC and Andrew Mold KC.
• Acting for a creditor and former employer in an £80 million dispute with the liquidator of public sector contractor Carillion.
• Enterprise Insurance Company plc (in liquidation) v EHL Realisations Limited & Ors: Acting as part of the counsel team instructed by the liquidator on this complex £50m fraudulent breach of duty claim in the Supreme Court of Gibraltar arising out of the much-publicised collapse of one of Gibraltar’s largest insurers. Focused on the financial assistance element of the claim.
• Acting for liquidators in a misfeasance/transaction at an undervalue application against a former director in relation to payment of unlawful dividends. Sole counsel.
• Advising a creditor in relation to a s.262 IA 1986 application to challenge an IVA on the grounds of unfair prejudice and material irregularity. Sole counsel.
• MDS Accident Repair Centre Limited (in liquidation) v Dudey & Ors: Acting for the claimant company in liquidation in an eight-day trial of a breach of duty/knowing receipt claim in which it was alleged that the company’s de facto directors had diverted the company’s funds to their own corporate entities. Sole counsel.
• Farrington v Turner: Successfully defended TV personality Anthea Turner in a five-day trial of a multimillion-pound transaction at an undervalue claim brought against her by her former husband’s trustee in bankruptcy.
• Advising on strategies to remove a liquidator who had installed himself without proper authority and obtain pre-action disclosure from the company in liquidation.
• Acting for a company petitioning for the bankruptcy of one of its directors in respect of unpaid loans. Involved successfully resisting an interim application to strike out material from a witness statement that was said to be subject to without prejudice privilege. Sole counsel.
• Acting for a trustee in bankruptcy seeking to set aside a judgment to which he was not a party pursuant to CPR 40.9 on the basis that he was ‘directly affected’ by the bankrupt’s decision, prior to the trustee’s appointment, not to oppose an application for a declaration regarding her ownership of a property. Sole counsel.

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International arbitration

Sri is instructed in arbitral proceedings as part of her commercial practice. She has experience of LCIA and ad hoc arbitrations.

Recent work includes:

• Acting for a US-based oil company in an LCIA arbitration of a joint venture dispute concerning oil and gas fields in Egypt and the validity of cash calls issued under the operating agreement.
• Ad hoc arbitration concerning the interpretation of a multimillion-pound contract entered into by the Ministry of Defence.

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