TIM PENNY QC
Call: 1988 QC: 2016
+44 (0)20 7306 firstname.lastname@example.org
Banking & Finance
Tim has a strong banking and financial services practice. In recent years, he has been particularly involved in litigation related to unregulated collective investment schemes.
Some of his recent cases include:
- Invest Bank v Al-Hussaini  EWHC 894 (Comm), 13 May 2022; Tim represented the claimant bank which seeks to enforce foreign judgments including by way of claims under s.423 of the Insolvency Act 1986.
- Abu Dhabi Commercial Bank PJSC v Shetty & others  EWHC 529 (Comm): 1 April 2022; Tim led the successful Defendants’ applications to stay these proceedings (which involved a claim for $1B in fraud / deceit) on the grounds of forum non conveniens, and to set aside the WFO. The case arises from the collapse into administration of the healthcare provider NMC Healthcare PLC.
- VDHI v Mex Clearing, 28 March 2022, Jack J, BVI Commercial Court, judgment dismissing the defendant’s application to set aside a representative party order in this case involving alleged misappropriation from a number of Luxembourg fiduciary funds.
- Merkanti Holding PLC & another v RBI: CICA 16 March 2022, successfully upholding 1st instance decision on jurisdiction involving a consideration of the Cayman Fraudulent Dispositions Act and the tort of unlawful means conspiracy.
- VDHI v Mex Clearing, 17 January 2022, Jack J, BVI Commercial Court, judgment dismissing the defendants’ applications objecting to the jurisdiction of the BVI Court.
- Scully Royalty v RBI: CICA CoA, 30 December 2021, successfully upholding 1st instance decision to grant a WFO against the 2 Cayman ‘anchor’ defendants, with the CICA CoA imposing a cap of €153 million in place of an unlimited order.
- Raiffeisen International Bank AG v Scully Royalty Ltd, Cayman Grand Court, Parker J, March 2021: successful opposition to jurisdiction applications issued by 2 of the 8 defendants in this long-running asset-stripping dispute in Cayman, acting for the claimant bank.
- Abu Dhabi Commercial Bank v Shetty  EWHC 3692 (Comm): December 2020: application for the imposition of a limited confidentiality club on the 1st return date of a $1B WFO relating to the collapse of NMC Health PLC, acting on behalf of the second and third defendants.
- Raiffeisen International Bank AG v Scully Royalty Ltd, Cayman Grand Court, Parker J, 7 July 2020: Tim acts in this matter for the plaintiff, which claims that it is owed c €100m and that its guarantor was asset-stripped by the defendants. RBI asserts claims pursuant to the Cayman Fraudulent Dispositions Law 1989 (1996 Revision) and in the tort of unlawful means conspiracy. By this Judgment, Parker J held that RBI had established its right to injunctions against the Cayman defendants and to serve other defendants outside the Cayman jurisdiction.
- National Bank Trust v Yurov & Others  EWHC 100 (Comm), 23 January 2020,  EWHC 757 (Comm), 27 February 2020 Lengthy judgment of the Commercial Court Judge, and judgment on consequential issues, following a 9 week Commercial Court trial. Tim represented the 2nd and 5th Defendants in this case in which a Russian Bank claimed damages in the sum of c.US$1 Billion against its former director/shareholders arising out of breaches of duty arising under Russian law.
- The Financial Conduct Authority v Park First Limited & others (2016-2020): Tim is instructed by the FCA in this very high value claim which is listed for trial in early 2022.
- The Financial Conduct Authority v Capital Alternatives & 15 others  EWHC 144 (CH),  3 All ER 780;  EWCA Civ 284,  EWHC 1984 (Ch),  3 WLUK 623: Tim headed up a team on 2 lengthy trials acting for the FCA: the first was a successful 10 day trial against 15 defendants on a preliminary issue of whether certain investment schemes were Collective Investment Schemes within s235 FSMA, the defendants’ appeal being dismissed by the Court of Appeal; the second was a 22 day trial on the FCA’s claims under s.382 FSMA following which the FCA obtained substantial judgments against all of the defendants.
- The Financial Conduct Authority v Asset L. I. Inc (trading as Asset Land) & others  UKSC 17;  EWCA Civ 435  Bus LR 993;  EWHC 178 (Ch)  2 BCLC 480: Tim headed up the FCA team in what was the first Unauthorised Business Department matter under s235 FSMA (collective investment schemes) to go to a fully contested trial and then to the Court of Appeal. Tim obtained without notice and on notice injunctions, closing down a £20 million ‘land-banking scheme’ and led the team at the subsequent trial of liability and the interim payment hearing.
- Tim regularly advises the FCA and private clients in issues relating to FSMA and in particular relating to the operation and promotion of collective investment schemes and other unregulated business.