Practice overview

Tim was awarded ‘Chancery Silk of the Year’ at the Chambers & Partners UK Bar Awards 2023. He is a specialist in high-value multi-jurisdictional commercial litigation, WFOs, Search Orders, commercial fraud and asset tracing, shareholder disputes, court-appointed receiverships, banking and financial services related claims, commercial arbitration, breach of confidence, ‘soft’ intellectual property and more recently cryptocurrency disputes.

He has been instructed recently to advise and act in many high-profile commercial cases, including acting for the main defendant and the 17th defendant during a 20-week Commercial Court trial in Suppipat v Narongdej 2023] EWHC 1988 (Comm), a $1Bn claim under Thai law and s.423 of the Insolvency Act 1986, for the Bank in Invest Bank v El Husseini [2023] EWHC 2302 (Comm), an important Commercial Court decision concerning enforcement of foreign judgments at common law, for Luxembourg investment funds in a fraud and abuse of process claim in the BVI in VDHI v MBFX (1st instance and Court of Appeal) and for 2 of the 6 defendants In Abu Dhabi Commercial Bank v Shetty & others [2022] EWHC 529 (Comm) – a $1B+ claim arising out of the collapse into administration of NMC Health PLC (2020-2022).

He has been involved in a number of important recent cases in the developing area of receiverships by way of equitable execution and cross-border recognition of court appointed receivers, including being retained by English Court Appointed Receivers in litigation in the Turks and Caicos Islands, and he is the author of the chapter on cross-border recognition of court appointed receivers in Kerr & Hunter on Receivers and Administrators, 21st Edition. He has also been involved in many of the leading recent cases on collective investment schemes in the Supreme Court and Court of Appeal. During the COVID lockdown, he obtained a diploma in Cryptocurrency at LSE, and has been instructed recently on fraud claims involving the misappropriation of cryptocurrency, including the leading case on crypto trust claims, Wang v Darby [2022] Bus L.R 121.

Tim is called to the Bar in the BVI, and regularly litigates not only in the London Commercial Court and the BVI but also in Cayman and other offshore jurisdictions. Tim is ranked in the directories in both commercial chancery and civil fraud.

Commercial disputes

Tim has been recommended for many years by the legal directories for commercial litigation and commercial chancery litigation. His practice covers both domestic and international disputes, his clients benefiting from his extensive experience in areas such as financial services, shareholder and partnership disputes, intellectual property, IT, sport as well as media and entertainment.

Some of his recent cases and instructions include:

  • Canon Medical Systems Limited v The Imaging Centre Assets Limited & others [2023] EWHC 3007 (Comm) (October -November 2023): Tim acted for the Defendants in this claim (with Jamie Holmes), which was heard by way of a 4-week Commercial Court trial in Newcastle. The claim involved interesting and challenging issues of contractual interpretation relating to a 10-year joint-venture agreement concerning CT and MRI mobile and relocatable units rented into the healthcare industry.
  • 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 1st instance Courts: in appeal judgments handed down in February 2023 Tim was successful in opposing the defendants’ substantive appeals against the 1st 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 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 in 2024/2025.
  • Receivers af Sebastian Holdings Ltd v Sarek & others: Tim continues to represent the claimant receivers in this ongoing claim for c.$30m in the Turks & Caicos Islands Courts arising from alleged fraudulent breaches of trust, which may reach trial in 2024/2025.
  • Canon v TIC: Tim is currently acting for the defendant in relation to a 4-week Commercial Court trial due to commence in October 2023.
  • X v Y: Tim is instructed by the claimants in a $1B damages claim arising from a substantial fraud in South America, involving jurisdiction and arbitration issues. (currently confidential).
  • Invest Bank v Al-Hussaini [2022] 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 [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.
  • 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.
  • Wang v Darby [2021] EWHC 3054 (Comm) November 2021: cryptocurrency dispute involving a WFO and an issue as to whether the cryptoassets in question were held on trust.
  • Wang v Darby [2021] EWHC 3125 (Comm) November 2021: cryptocurrency dispute involving a proprietary injunction and a question whether the defendant should be entitled to use funds caught by the injunction to fund his legal fees.
  • Von Der Heydt Invest SA v Mex Clearing Limited & others BVIHC (COM) 2021/0073 and 2020/p215, 19 October 2021, Jack J: judgment upholding and continuing a WFO and dismissing an application to discharge a WFO granted in connection with a claim by third-party Noteholders under Luxembourg Loan Notes to set aside a Tomlin Order for fraud and unlawful means conspiracy.
  • Domestic & General Insurance PLC v Homeshield Direct Ltd [2021] 4 WLUK 278: April 2021: opposition to an application for pre-action disclosure in a matter involving allegations of fraud.
  • 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.
  • Sebastian Holdings (acting by Court appointed receivers) v Sarek Holdings, Vik & others, Supreme Court of the Turks & Caicos islands, 11 February 2021: judgment on consequential issues including the ‘Barrell jurisdiction’ and costs, acting for court-appointed receivers.
  • Abu Dhabi Commercial Bank v Shetty [2020] 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.
  • Akhmedova v Akhmedov [2020] EWHC 3005 (Fam), [2020] EWHC 3006 (Fam), 28 October and 4 November 2020: without notice application for a search order and judgment on the return date in relation to this high-value case.
  • 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.
  • Sebastian Holdings Inc. (acting by Court appointed receivers) v Sarek Holdings, Vik & others, Supreme Court of the Turks & Caicos islands, 4 September 2020: Tim acts for receivers appointed by the English Commercial Court, who by this judgment obtained recognition of their appointment and powers in the TCI with a view to bringing high value proceedings in the TCI against parties alleged to have acted unlawfully by receiving assets belonging to Sebastian Holdings Inc., which is a judgment debtor of Deutsche Bank in England and Wales.
  • Raiffeisen International Bank AG v Scully Royalty Ltd, Cayman Grand Court, Parker J, September 2020: Tim obtained an anti-suit injunction to restrain a defendant in this Cayman litigation from pursuing parallel proceedings in Malta.
  • August/Septemberinstructed on a high value Cayman claim concerning alleged dissipation of assets by a group of companies headed by a Cayman topco.
  • 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 [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.
  • VTB Bank v Taurus, Jack J, Eastern Caribbean Supreme Court, BVI Commercial Court, 23 January 2020: Judgment of the BVI Court on the defendant’s application to discharge an ex parte receivership, arising out of linked proceedings in England and Wales. This ongoing case involves claims by VTB Bank, the judgment creditor, that the judgment debtor is the beneficial owner of certain assets situate in the BVI.
  • Akhmedova v Akhmedov [2019] EWHC 1705 (Fam): In this high-profile divorce case, Tim successfully applied on notice for freezing order relief to prevent assets being removed from Dubai in support of the applicant’s financial relief award of £500 million in the Family Division. The decision is notable for the finding of a good arguable case that individual directors of the corporate director of the respondent are to be treated as ‘de facto’ directors of the respondent.

Download Commercial disputes CV

  • Quote symbolTim Penny is a charming advocate who captivates even when dealing with difficult points. He has the ear and trust of the court.

    Chambers & Partners 2024

  • Quote symbolA very strong advocate, who is client friendly and easy to get on with. Judges love his easy approach to his advocacy, which is both effective and persuasive.

    Chambers & Partners 2024

  • Quote symbolTim is thorough in his approach, covering cases from all angles – also a very fine advocate.

    The Legal 500 2024

  • Quote symbolExcellent in court and always on top of his brief.

    Chambers & Partners 2024

  • Quote symbolTim displays extraordinary attention to detail.

    Chambers & Partners 2024

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    Four wins for Wilberforce at Chambers UK Bar Awards 2023

    We are absolutely delighted to have picked up four awards at last night’s Chambers UK Bar Awards! We are proud to announce that Wilberforce Chambers won the highly coveted ‘Set of the Year‘ award, as well as ‘Chancery Set of... Read more

    Friday 1 December 2023

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    Tuesday 28th November 2023
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    Speakers:
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    Recent Cases

    Judgment handed down: Invest Bank v El Husseini

    Commercial disputes, Banking and financial services, International / offshore

    Tim Penny KC
    Friday 22 September 2023

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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:

  • 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 1st instance Courts: in appeal judgments handed down in February 2023 Tim was successful in opposing the defendants’ substantive appeals against the 1st 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 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 in 2024/2025.
  • Receivers af Sebastian Holdings Ltd v Sarek & others: Tim continues to represent the claimant receivers in this ongoing claim forc.$30m in the Turks & Caicos Islands Courts arising from alleged fraudulent breaches of trust, which may reach trial in 2024/2025.
  • X v Y: Tim is instructed by the claimants in a $1B damages claim arising from a substantial fraud in South America, involving jurisdiction and arbitration issues. (currently confidential).
  • Invest Bank v Al-Hussaini [2022] 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 [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.
  • 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.
  • Wang v Darby [2021] EWHC 3054 (Comm) November 2021: cryptocurrency dispute involving a WFO and an issue as to whether the cryptoassets in question were held on trust.
  • Wang v Darby [2021] EWHC 3125 (Comm) November 2021: cryptocurrency dispute involving a proprietary injunction and a question whether the defendant should be entitled to use funds caught by the injunction to fund his legal fees.
  • Von Der Heydt Invest SA v Mex Clearing Limited & others BVIHC (COM) 2021/0073 and 2020/p215, 19 October 2021, Jack J: judgment upholding and continuing a WFO and dismissing an application to discharge a WFO granted in connection with a claim by third-party Noteholders under Luxembourg Loan Notes to set aside a Tomlin Order for fraud and unlawful means conspiracy.
  • 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.
  • Sebastian Holdings (acting by Court appointed receivers) v Sarek Holdings, Vik & others, Supreme Court of the Turks & Caicos islands, 11 February 2021: judgment on consequential issues including the ‘Barrell jurisdiction’ and costs, acting for court-appointed receivers.
  • Abu Dhabi Commercial Bank v Shetty [2020] 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.
  • Akhmedova v Akhmedov: [2020] EWHC 3005 (Fam), [2020] EWHC 3006 (Fam), 28 October and 4 November 2020: without notice application for a search order and judgment on the return date in relation to this high value case.
  • 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.
  • Sebastian Holdings Inc. (acting by Court appointed receivers) v Sarek Holdings, Vik & others, Supreme Court of the Turks & Caicos islands, 4 September 2020: Tim acts for receivers appointed by the English Commercial Court, who by this judgment obtained recognition of their appointment and powers in the TCI with a view to bringing high value proceedings in the TCI against parties alleged to have acted unlawfully by receiving assets belonging to Sebastian Holdings Inc., which is a judgment debtor of Deutsche Bank in England and Wales.
  • Raiffeisen International Bank AG v Scully Royalty Ltd, Cayman Grand Court, Parker J, September 2020: Tim obtained an anti-suit injunction to restrain a defendant in this Cayman litigation from pursuing parallel proceedings in Malta.
  • 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 [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.
  • VTB Bank v TaurusJack J, Eastern Caribbean Supreme Court, BVI Commercial Court, 23 January 2020: Judgment of the BVI Court on the defendant’s application to discharge an ex parte receivership, arising out of linked proceedings in England and Wales. This ongoing case involves claims by VTB Bank, the judgment creditor, that the judgment debtor is the beneficial owner of certain assets situate in the BVI.
  • Akhmedova v Akhmedov [2019] EWHC 1705 (Fam): In this high-profile divorce case, Tim successfully applied on notice for freezing order relief to prevent assets being removed from Dubai in support of the applicant’s financial relief award of £500 million in the Family Division. The decision is notable for the finding of a good arguable case that individual directors of the corporate director of the respondent are to be treated as ‘de facto’ directors of the respondent.

Download Civil fraud and asset recovery CV

  • Quote symbolTim is an outstanding advocate. He is particularly adept at dealing with enormous volumes of documentary material, which can be a hallmark of complex fraud trials.

    The Legal 500 2024

  • Quote symbolTim Penny is a charming advocate who captivates even when dealing with difficult points. He has the ear and trust of the court.

    Chambers & Partners 2024

  • Quote symbolA very strong advocate, who is client friendly and easy to get on with. Judges love his easy approach to his advocacy, which is both effective and persuasive.

    Chambers & Partners 2024

  • Quote symbolTim is thorough in his approach, covering cases from all angles – also a very fine advocate.

    The Legal 500 2024

  • Quote symbolExcellent in court and always on top of his brief.

    Chambers & Partners 2024

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    Four wins for Wilberforce at Chambers UK Bar Awards 2023

    We are absolutely delighted to have picked up four awards at last night’s Chambers UK Bar Awards! We are proud to announce that Wilberforce Chambers won the highly coveted ‘Set of the Year‘ award, as well as ‘Chancery Set of... Read more

    Friday 1 December 2023

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    External Conferences

    TL4 – KC Surgery: Asset Recovery

    Tuesday 28th November 2023
    Central London

    Speakers:
    Thomas Grant KC | Tim Penny KC | Jessica Brooke | Elizabeth Houghton

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    Wilberforce shortlisted in five categories at the Chambers UK Bar Awards 2023

    We are delighted to announce that Wilberforce has been shortlisted in five different categories at the Chambers UK Bar Awards 2023. Chancery Set Real Estate Set Chancery Silk – Tim Penny KC Professional Negligence Silk – Jonathan Seitler KC Real... Read more

    Monday 11 September 2023

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    Events / Webinars

    Civil Fraud Conference 2023

    Thursday 8th June 2023 | 12.15pm - 5.55pm followed by drinks & canapés
    The View at The Royal College of Surgeons, Lincoln's Inn Fields, WC2A 3PE

    £130 + VAT | 4.0 CPD

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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:

  • 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 1st instance Courts: in appeal judgments handed down in February 2023 Tim was successful in opposing the defendants’ substantive appeals against the 1st 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 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 in 2024/2025.
  • Invest Bank v Al-Hussaini [2022] 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 [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.
  • 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 [2020] 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 [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.
  • 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 [2014] EWHC 144 (CH), [2014] 3 All ER 780; [2015] EWCA Civ 284, [2016] EWHC 1984 (Ch), [2018] 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 [2016] UKSC 17; [2014] EWCA Civ 435 [2014] Bus LR 993; [2013] EWHC 178 (Ch) [2013] 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.

Download Banking and financial services CV

  • Quote symbolTim Penny is a charming advocate who captivates even when dealing with difficult points. He has the ear and trust of the court.

    Chambers & Partners 2024

  • Quote symbolA very strong advocate, who is client friendly and easy to get on with. Judges love his easy approach to his advocacy, which is both effective and persuasive.

    Chambers & Partners 2024

  • Quote symbolTim is thorough in his approach, covering cases from all angles – also a very fine advocate.

    The Legal 500 2024

  • Quote symbolExcellent in court and always on top of his brief.

    Chambers & Partners 2024

  • Quote symbolTim displays extraordinary attention to detail.

    Chambers & Partners 2024

Banking and financial services insights View all thought leadership

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    News

    Four wins for Wilberforce at Chambers UK Bar Awards 2023

    We are absolutely delighted to have picked up four awards at last night’s Chambers UK Bar Awards! We are proud to announce that Wilberforce Chambers won the highly coveted ‘Set of the Year‘ award, as well as ‘Chancery Set of... Read more

    Friday 1 December 2023

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    Recent Cases

    Judgment handed down: Invest Bank v El Husseini

    Commercial disputes, Banking and financial services, International / offshore

    Tim Penny KC
    Friday 22 September 2023

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    Recent Cases

    Raiffeisen Bank part 2: Cayman Court of Appeal dismisses two jurisdiction challenges, providing guidance as to the Cayman FDA

    Commercial disputes, Banking and financial services, Civil fraud and asset recovery, Insolvency, International / offshore

    John Wardell KC | Tim Penny KC | Jamie Holmes | Caspar Bartscherer | Jia Wei Lee
    Monday 13 June 2022

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    Recent Cases

    Raiffeisen Bank part 1: Cayman Court of Appeal upholds €153m worldwide freezing injunctions

    Commercial disputes, Banking and financial services, Civil fraud and asset recovery, Insolvency, International / offshore

    Tim Penny KC | John Wardell KC | Jamie Holmes | Jia Wei Lee | Caspar Bartscherer
    Thursday 9 June 2022

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View all thought leadership

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.

Download International arbitration CV

  • Quote symbolTim Penny is a charming advocate who captivates even when dealing with difficult points. He has the ear and trust of the court.

    Chambers & Partners 2024

  • Quote symbolA very strong advocate, who is client friendly and easy to get on with. Judges love his easy approach to his advocacy, which is both effective and persuasive.

    Chambers & Partners 2024

  • Quote symbolTim is thorough in his approach, covering cases from all angles – also a very fine advocate.

    The Legal 500 2024

  • Quote symbolExcellent in court and always on top of his brief.

    Chambers & Partners 2024

  • Quote symbolTim displays extraordinary attention to detail.

    Chambers & Partners 2024

International arbitration insights View all thought leadership

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    News

    Four wins for Wilberforce at Chambers UK Bar Awards 2023

    We are absolutely delighted to have picked up four awards at last night’s Chambers UK Bar Awards! We are proud to announce that Wilberforce Chambers won the highly coveted ‘Set of the Year‘ award, as well as ‘Chancery Set of... Read more

    Friday 1 December 2023

    View more

View all thought leadership

Tim's Details

BSB/VAT information

Registered name: Mr Timothy Charles Penny KC
VAT number: 524197152

Privacy Notice pdf

Memberships

  • LCIA
  • Combar

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