Mark Arnold QC +44 (0)20 7696 9900 markarnold
@southsquare.com


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Practice Managers

Mark Arnold QC

Mark Arnold QC Mark Arnold QC

Mark Arnold QC

QC 2013, Called to the Bar 1988
+44 (0)20 7696 9900
markarnold@southsquare.com
Mark Arnold QC
QC 2013, Called to the Bar 1988
Mark is the Joint Head of Chambers at South Square. He specialises in domestic and cross-border restructuring and insolvency, banking and finance, commercial law and company law.
 
In recent years, Mark has appeared or advised in major restructurings and insolvencies and other substantial matters in various sectors, including energy (TXU), oil and gas (Paragon Offshore, Prospector and others), banking and financial services (ARM Asset backed Securities, SAAD, Lehman, Kaupthing and others), pensions (Lehman: Storm Funding and Dana), retail (Card Protection Plan, Woolworths), shipping (Northsea Base Investments Group and others, principally Chinese and Korean shipbuilders), telecommunications (Phones4U, Hellas Telecommunications, Dolphin and others). 
 
Mark is a contributor to Company Directors: Duties, Liabilities and Remedies (Mortimore, OUP, 3rd edition 2017: chapters on directors’ duties) and Cross-Border Insolvency Fourth Edition (Sheldon, Bloomsbury, 2015: chapter on the EU Insolvency Regulation). He was co-author (with Peter Arden QC) of the joint response of the Chancery Bar Association and the Bar Council to the EU consultation on the amendment of the Insolvency Regulation 1346/2000, leading to the recast Insolvency Regulation 2015/848.
 
The leading guides to the UK Bar have variously described Mark as “a very, very good advocate who is easy to deal with and liked by clients. His written work is top drawer”, “very thorough, extremely intelligent and very good to work with” and “diligent, calm, well-organised and a pleasure to deal with”.

AREAS OF PRACTICE

Insolvency and Restructuring

Recent or significant cases include:

  • Paragon Offshore plc (administration order made in the context of Chapter 11 proceedings, on application of the company’s directors)
  • ARM Asset Backed Securities SA (beneficial entitlement to funds frozen by the FCA, resolved by a CVA)
  • Phones4U (sealing confidential documents on the Court file)
  • Lehman Brothers International (Europe) v Lehman Brothers Holdings Inc [2015] Ch 1, priority of subordinated debt and statutory interest and other proof issues (Waterfall)
  • Storm Funding [2014] Bus. L.R. 454, [2014] Pens. L.R. 73, extent of aggregate liability to contribute under the Pensions Act 2004, section 48(2) (Lehman Quantum (Pension)) 
  • Card Protection Plan Limited [2015] BCC 20 (Ch) (scheme of arrangement to address possible claims by up to c 7 million consumers in relation to the mis-selling of certain insurance products, sanctioned in January 2014)
  • Re European Directories (DH6) [2011] BPIR 408, pre-pack administration, migration of COMI
  • Re PAL SC Realisations, Kelly v Inflexion Fund 2 [2011] BCC 93, entitlement of a creditor surrendering security to share in the prescribed part
  • Butters v BBC Worldwide [2010] Ch 347 (CA), anti-deprivation principle
  • DX Holdings; DX Secure Mail [2010] EWHC 1513 (Ch), scheme of arrangement, consent fees
  • Re OJSC ANK Yugraneft; Millhouse Capital and Abramovich v Sibir Energy [2010] BCC 475, provisional liquidation, jurisdiction to wind up foreign companies, disclosure
  • Re Hellas Telecommunications (Luxembourg) [2009] EWHC 3199 (Ch), pre-pack administration, migration of COMI
  • Re Airbase [2008] BCC 213, creditor with an unsecured shortfall not entitled to share in the prescribed part
  • SISU Capital Fund v Tucker [2006] BCC 463, CVA challenge, material irregularity, unfair prejudice, officeholder's duty to manage conflicts
  • SISU Capital Fund v Tucker [2006] 1 All ER 167, costs
  • Glenister v Rowe [2000] Ch 76 (CA), contingent liabilities
  • Atlantic & General Investment Trust v Richbell Information Services [2000] BCC 111, winding-up order made against overseas company with a cross-claim said to exceed the petition debt
  • Richbell Information Services v Atlantic & General Investment Trust [1999] BCC 871, application by overseas company for section 127 relief in respect of proposed disposition of choses in action and/or transfer of conduct of litigation and share in any recoveries
  • Bank of Credit and Commerce International (Overseas) v Price Waterhouse [1997] 4 All ER 108, sovereign immunity accorded to HH Sheikh Zayed, President of the UAE (BCCI)

Other continuing, recent or significant cases include Fordgate Midland Properties Ltd (in administration), Northsea Base Investments GroupAngel House Developments LtdLotus Cars, Hibu, Anglo Irish Bank, Eircom, Quinn Group, Visteon, Nortel, Dana, Schefenacker, Boo.com and Eurotunnel.

Banking and Finance

Recent or significant cases include:

  • PA Resources Group, bank security and enforcement issues
  • Walzmühle, security/finance construction issues
  • Travis Coal Restructured Holdings LLC v Essar Global Fund Ltd, security and US judgment enforcement issues
  • Omicron Investment Management GmbH v US Bank Trustees Ltd, removal of investment manager
  • Virgin Money v MBNA Europe Bank, credit card joint venture
  • Venturion Vulcan v UBS London Branch, misrepresentation and duty of good faith
  • Kaupthing Singer & Friedlander; Credit Suisse Securities (Europe) v Mills, appeal against rejection of a proof in respect of a failed trade
  • LB Re Financing No 3 v Excalibur Funding No 1 (Lehman) [2011] EWHC 2111 (Ch), construction of securitization documents
  • Elliott International v Law Debenture Trustees [2006] EWHC 3063 (Ch), construction of commercial documents (Eurotunnel)
  • Beximco Pharmaceuticals v Shamil Bank of Bahrain EC [2004] 1 WLR 1784 (CA), construction of governing law clause in Islamic banking agreements
  • HSBC Bank v Liberty Mutual Insurance Company [2002] EWCA Civ 691, construction of insurance bonds, guarantees, subrogation

International and Offshore

Recent or continuing cases include:

  • Advising liquidators of a Jersey investment company on potential claims against directors for breaches of fiduciary duty
  • Advising creditors of Korean shipbuilders in relation to the consequences of recognition of rehabilitation proceedings under the CBIR 2006
  • Advised creditor of a Manx company in liquidation in respect of funds subject to an overseas restraint order registered in England
  • PA Resources Group, bank security and enforcement issues
  • Walzmühle, security/finance construction issues
  • Travis Coal Restructured Holdings LLC v Essar Global Fund Ltd, security and US judgment enforcement issues
  • SAAD Investments Company; Akers v Emirates NBD, Cross Border Insolvency Regulations 2006, provision of information
  • Value Discovery Partners, solvent dissolution of a BVI limited partnership
  • Re Maximus Centre; Deutsche Bank AG v Feale (District Court of Warsaw, Commercial Division), expert opinion in relation to the legal status of a branch under English law

Pro Bono

Case reviewer for the Bar Pro Bono Unit (until December 2017)

AWARDS AND RECOMMENDATIONS

Chambers & Partners
“He’s a very, very good advocate who is easy to deal with and liked by clients. His written work is top drawer.”
“Mark is very intelligent and very thorough.” “He gives clear, measured advice.”
“He is very thorough, extremely intelligent and very good to work with.”
“He has a fantastic ability to deal with difficult situations and understands the need to be commercial and find solutions accordingly.”
“He receives plaudits for his exhaustive knowledge of insolvency law and for his provision of eloquent written advice on complicated matters.”
“Has an excellent reputation with some of the top law firms in the market … singled out for his technical acumen and his ability to handle complex case work”
"He leaves no stone unturned, and has an excellent focus on technical details" 
Legal 500 “Diligent, calm, well organised and a pleasure to deal with”

CAREER

2013 Appointed Queen’s Counsel
1988 Called to the Bar of England and Wales

MEMBERSHIPS

Commercial Bar Association (COMBAR)
Chancery Bar Association
INSOL and INSOL Europe
Insolvency Lawyers’ Association (ILA)
RISA

PUBLICATIONS

Banking on Brexit: the potential impact of Brexit on UK credit institutions in the context of the insolvency regime, with Antony Zacaroli QC, South Square Digest, June 2017
Navigating Singapore’s restructured restructuring and insolvency framework, with Smitha Menon and Stephanie Yeo of WongPartnership, Singapore, and Matthew Abraham, South Square Digest, March 2017
Brexit – What next? with Matthew Abraham, South Square Digest, August 2016
Salford or the BVI? The effect of arbitration agreements on winding up proceedings, South Square Digest, March 2016
Anti-suit Injunctions to protect the Insolvency Process: Stichting Shell Pensioenfunds v Krys [2014] UKPC 1, Insolvency Intelligence 2015, 28(2), 17-20
Directors’ duties in the zone of insolvency – recent developments, South Square Digest, February 2015
The ‘purview’ doctrine: a trump card for guarantors? South Square Digest, August 2014
Contingent Liabilities Revisited: In re Nortel; In re Lehman, Business Law International, vol 15, no 2, May 2014 (with Hannah Thornley)
Truth or Illusion? COMI migration and Forum Shopping under the EU Insolvency Regulation, Business Law International, vol 14, no 3, September 2013
The Insolvency regulation: a Service or an Overhaul, South Square Digest, February and May 2013
Fraud on the bankruptcy laws in the 21st Century, South Square Digest, February 2010 
 
•Contributor to Company Directors: Duties, Liabilities and Remedies (Mortimore, OUP, 3rd edition 2017) (chapters on directors’ duties) 
•Contributor to Cross-Border Insolvency (Sheldon, Bloomsbury, 4th edition 2015) (chapter on EU Insolvency Regulation) 

LECTURES AND SEMINARS

•Hogan Lovells LLP: The Financial Collateral Regulations 2003, with Gabriel Moss QC and Richard Fisher (November 2017)
•Boies Schiller Flexner LLP: Companies on the brink, with Edoardo Lupi (October 2017)
•South Square/Mourant Ozannes Litigation Forum, Panel Session (with Elizabeth Elliott, Richard Sinclair MBE, Mark Shaw and Abel Lyall): Directors’ duties – views from the coal face (September 2017)
•Macfarlanes LLP: The Recast European Insolvency Regulation (2015/848) (September 2017)
•Weil Gotshal & Manges LLP: The Recast European Insolvency Regulation (2015/848) (June 2017)
•South Square Directors’ Duties seminar: Defrauding creditors: the implications of Sequana (with William Willson) (May 2017)
•Restructuring and Insolvency City of London PSL: The Recast European Insolvency Regulation (2015/848) (April 2017)
•RISA/South Square Conference, Cayman Islands: Restructuring: Recent developments and potential reforms, with Jeremy Goldring QC, Hugh Dickson, Michael Pearson and Guy Manning (November 2016)
•South Square: Brexit Roundtable, with Gabriel Moss QC and Felicity Toube QC (July 2016)
•Watson Farley & Williams LLP: Impact of foreign insolvencies on UK litigation and arbitration, with Charlotte Cooke (June 2016)
•RISA/South Square Conference, Cayman Islands: Directors’ liability: is the bar set too high? (with Hugh Dickson and Colin McKie QC) (November 2015)
•Skadden Arps Slate Meagher & Flom LLP: The EIR and Schemes of Arrangement (with Richard Fisher) (November 2015)
•INSOL Europe, Annual Congress, Berlin: Schemes of Arrangement in the European Context (Panel session: European Insolvency Law: Rescue and Restructuring) (October 2015)
•Sidley Austin LLP: Stichting Shell Pensioenfunds v Krys and its implications (2015)

EDUCATION AND QUALIFICATIONS

1987 Downing College, Cambridge University, MA (1990)

PRIZES AND SCHOLARSHIPS

Astbury Scholarship (Middle Temple)
Graystone Exhibition (Downing College, Cambridge University)

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