Tim Penny KC

Civil fraud and asset recovery

Tim has particular expertise in commercial fraud cases, many of which have an international flavour and involve cross-border issues such as jurisdiction disputes, anti-suit injunctions and foreign law considerations. He has excellent knowledge of search orders and worldwide freezing orders. These cases often involve cross-examination on asset disclosure, contempt of court applications and without notice applications testing the boundaries of the court’s jurisdiction to ensure that assets are eventually available for the enforcement of judgments or arbitral awards. Tim is also experienced in taking steps to assist fraud disputes taking place abroad (for example, by orders under s.25 CJJA) or in arbitrations. Tim’s cases often involve allegations of dishonesty, breach of fiduciary duty and conspiracy.

Some of his recent cases include:

• PIFSS v Al Rajaan and others (judgment reserved): Tim acts for the 39^th and 40^th Defendants – a HNW individual and associated corporate entity – in this claim under Kuwaiti, Swiss and English law concerning dishonest assistance and alleged payments of secret commissions / bribes to the late Director General of the Kuwaiti social security pension fund. Tim was instructed 6 months before trial in 2024 and represented his clients at the 40 week trial in the London Commercial Court between March 2025 and March 2026.
• Invest Bank v El Husseini [2024] EWHC 2976 (Comm): Tim acted for the claimant bank in this s.423 trial in 2024, in which the resulting judgment considered important issues relating to adverse inferences.
• Joyvio Group v Moreno [2024] EWHC 2493 (Comm): between 2023 and 2024 Tim acted for the claimant in this jurisdiction dispute concerning an alleged fraud in relation to the $900m purchase of a Chilean salmon-farming business.
• Between 2023 and 2025 Tim acted for the claimant in a high value banking fraud claim concerning the acquisition of a portfolio of properties.
• Invest Bank v El Husseini [2023] EWHC 2302 (Comm): Tim acted for the successful claimant in this (ongoing) case that held, following a trial on preliminary issues, that it is not a rule of private international law that a final and binding foreign judgment on the merits before it could be the subject of an application to ‘enforce’ the foreign judgment in this jurisdiction by claim at common law. The main trial is listed for July 2024.
• Suppipat & others v Narongdej & 16 others (2023) EWHC 1988 (Comm): Tim was Leading Counsel for DI (the main defendant) and D17 in this US$1Bn claim for damages under Thai law and relief under s.423 Insolvency Act 1986 arising from an alleged fraud and asset-stripping in connection with dealings in the shares of a Thai Wind Farm Company. The trial of the Claim lasted 20 weeks before Calver J in the Commercial Court between October 2022 and March 2023.
• Raiffeisen Bank v Scully Royalty & others: Tim continues to act as Lead Counsel for the Claimant Bank in the Cayman Islands Court in a claim for damages in excess of €100m for unlawful means conspiracy and asset stripping against the Defendants. The case started in late 2019, since when Tim has appeared successfully in 2 heavily contested hearings in the Cayman Islands Court of Appeal, resulting in judgments handed down during 2022. The judgments are significant in that they are the first time the Cayman appeal court has considered and ruled on the scope of the Fraudulent Dispositions Act 1996. The case continues and a lengthy trial is expected to be listed to take place in late 2027.
• VDHI v MBFX, 2022-2023: BVI Court of Appeal and 1^st instance Courts: in appeal judgments handed down in February 2023 Tim was successful in opposing the defendants’ substantive appeals against the 1^st instance judge’s refusal to discharge a WFO, a representative order and various other orders, in relation to an underlying claim on behalf of a Luxembourg investment fund which alleges a fraudulent manipulation of the BVI Court by a way of a collusive consent order between conspiring parties.
• Abu Dhabi Commercial Bank PJSC v Shetty & others [2022] 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.
• VTB Bank v Skurikhin [2020] [EWCA Civ 1337] (October 2020): Tim acted for the successful respondent in the English Court of Appeal in which the Court dismissed the appeal against the decision of the Commercial Court ([2019] EWHC 1407 (Comm)) whereby it dismissed the application of a Liechtenstein Foundation to discharge a receivership order obtained by Tim in 2015. Tim has acted in this matter for the claimant, a Russian Bank, since 2012. The case concerns the enforcement of Russian judgments totalling c.£20m against assets in England, Italy and the BVI. The judgment notably applies principles relating to issue estoppel and Henderson v Henderson abuse of the process.
• National Bank Trust v Yurov & Others [2020] EWHC 100 (Comm), 23 January 2020, [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.

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Banking and financial services

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:

• PIFSS v Al Rajaan and others (judgment reserved): Tim acts for the 39^th and 40^th Defendants – a HNW individual and associated corporate entity – in this claim under Kuwaiti, Swiss and English law concerning dishonest assistance and alleged payments of secret commissions/bribes to the late Director General of the Kuwaiti social security pension fund. Tim was instructed 6 months before trial in 2024 and represented his clients at the 40-week trial in the London Commercial Court between March 2025 and March 2026.
• Invest Bank v El Husseini [2024] EWHC 2976 (Comm): Tim acted for the claimant bank in this s.423 trial in 2024, in which the resulting judgment considered important issues relating to adverse inferences.
• Between 2023 and 2025, Tim acted for the claimant in a high-value banking fraud claim concerning the acquisition of a portfolio of properties.
• Invest Bank v El Husseini [2023] EWHC 2302 (Comm): Tim acted for the successful claimant in this (ongoing) case that held, following a trial on preliminary issues, that it is not a rule of private international law that a final and binding foreign judgment on the merits before it could be the subject of an application to ‘enforce’ the foreign judgment in this jurisdiction by claim at common law. The main trial is listed for July 2024.
• Suppipat & others v Narongdej & 16 others (2023) EWHC 1988 (Comm): Tim was Leading Counsel for DI (the main defendant) and D17 in this US$1Bn claim for damages under Thai law and relief under s.423 Insolvency Act 1986 arising from an alleged fraud and asset-stripping in connection with dealings in the shares of a Thai Wind Farm Company. The trial of the Claim lasted 20 weeks before Calver J in the Commercial Court between October 2022 and March 2023. One of The Lawyer’s Top 20 cases of 2022, which also went into 2023.
• VDHI v MBFX, 2022-2023: BVI Court of Appeal and 1^st instance Courts: in appeal judgments handed down in February 2023 Tim was successful in opposing the defendants’ substantive appeals against the 1^st instance judge’s refusal to discharge a WFO, a representative order and various other orders, in relation to an underlying claim on behalf of a Luxembourg investment fund which alleges a fraudulent manipulation of the BVI Court by a way of a collusive consent order between conspiring parties.
• Raiffeisen Bank v Scully Royalty & others: Tim continues to act as Lead Counsel for the Claimant Bank in the Cayman Islands Court in a claim for damages in excess of €100m for unlawful means conspiracy and asset stripping against the Defendants. The case started in late 2019, since then Tim has appeared successfully in 2 heavily contested hearings in the Cayman Islands Court of Appeal. The judgments are significant in that they are the first time the Cayman appeal court has considered and ruled on the scope of the Fraudulent Dispositions Act 1996. The case continues and a lengthy trial is expected to be listed to take place in late 2027.
• Abu Dhabi Commercial Bank PJSC v Shetty & others [2022] 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.
• Tim has acted for the FCA in numerous high profile claims concerning collective investment schemes, including The Financial Conduct Authority v Asset L. I. Inc (trading as Asset Land) & others [2016] UKSC 17; [2014] EWCA Civ 435 [2014] Bus LR 993; [2013] EWHC 178 (Ch)[2013] 2 BCLC 480, and The Financial Conduct Authority v Capital Alternatives & 15 others [2014] EWHC 144 (CH), [2014] 3 All ER 780; [2015] EWCA Civ 284, [2016] EWHC 1984 (Ch), [2018] 3WLUK 623.
• 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.

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International arbitration

Tim’s commercial practice also involves domestic and international Arbitration. He is a member of the London Court of International Arbitration (LCIA).

Recent work:

• Much of Tim’s work includes cases where arbitrations are carrying on around the world parallel to litigation in the Commercial Court.
• During 2019/2020, Tim advised funders in relation to a substantial ICC arbitration.
• In 2017/2018, Tim was instructed in a Russian shareholder arbitration in the LCIA involving allegations of corporate raid and economic duress.
• During 2015/2016, Tim acted for a well-known British vehicle manufacturer in an ICC arbitration against a foreign franchisee.
• Tim has appeared in the Court of Arbitration for Sport in Lausanne on behalf of the British Nations Cup team, having previously appeared in Geneva before the world governing body in Geneva.
• He has successfully acted for the British Equestrian Federation in a sports disciplinary dispute arbitration, and has appeared in the British Archery Federation internal tribunal.
• Tim acted for the claimant who sought to enforce a USVI arbitration award in various offshore jurisdictions in particular the Cayman.

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