A landmark judgment on the interpretation and effect of the ISDA Master Agreement was today handed down by the Court of Appeal. Ten barristers from South Square were involved in the combined appeal from four separate first-instance decisions in the Commercial Court and the Chancery Division. In total, five silks and five juniors from South Square represented six different parties in the combined appeals, including ISDA itself, which intervened in the appeals.

The judgment has great significance for out of the money parties, whose counterparty is subject to an Event of Default. It concludes that they remain potentially liable, such that they would still have to pay if the Event of Default is cured, even after the maturity of the transaction. This will resonate throughout the global derivatives market, given the extensive use of the ISDA Master Agreement in a great variety of markets and the billions of dollars traded in reliance of it every year. (See link for more information on the case.)

The case underlines South Square’s prominence in the banking and financial sector beyond its core insolvency expertise. The following members of Chambers appeared for various parties on the appeal: William Trower QC, Mark Phillips QC, Robin Dicker QC, Antony Zacaroli QC, Felicity Toube QC, Jeremy Goldring, Daniel Bayfield, Richard Fisher, Stephen Robins and Joanna Perkins.

Following an urgently convened hearing at the Rolls Building, at 5.30pm on Sunday 18 March, the Honourable Mr Justice Hildyard made a Special Administration Order in respect of Worldspreads Limited under the Investment Bank Special Administration Regulations 2011.

This was only the second such order to be made at the Rolls Building (the first being in respect of MF Global UK Limited), and is believed to be the third such order ever made.

Glen Davis QC and Jeremy Goldring of South Square, instructed by Reed Smith, appeared for the applicant directors of the company. The order appointed Jane Moriarty and Samantha Bewick of KPMG as the company’s administrators.

For more information, see FSA: WorldSpreads Limited enters Special Administration Regime and KPMG: Special administrators appointed to Worldspreads Limited.

The Supreme Court has today handed down judgment in the Lehman Brothers Client Money Application, click here to view.

On 14 July 2011, we reported that Robin Dicker QC and Joanna Perkins were both appointed as Finance Experts to the Panel of Recognised International Market Experts In Finance (see [LINK]). We are now pleased to announce that Gabriel Moss QC has also been appointed as a panel expert. P.R.I.M.E. Finance was created by the World Legal Forum foundation, a conflict-resolution initiative started by the International Criminal Law Network and the Science Alliance.

To see the list of experts, please click here.

On 17 January 2012, Robin Dicker QC and Joanna Perkins  contributed to seminars as experts in dispute resolution in the financial markets at the opening conference of P.R.I.M.E. Finance in The Hague. Robin gave a presentation on “Expectation v Entitlement: the evolving jurisprudence of flip clauses, ipso facto clauses and Section 2(a)(iii) of the ISDA Master”; and Joanna discussed “The Devil is in the Detail: interpreting master agreements (valuations, measuring loss, set-off and tax characterisation)”.

The P.RI.M.E. Finance Disputes Centre has been established to help resolve disputes over complex financial transactions and to assist judicial systems in doing this. For more information on the centre, there is an article on page 7 of the Financial Times of 16 January 2012 (see here – subscription only).

We are delighted to announce that Tom Smith has been awarded “Insolvency and Corporate Restructuring Junior of the Year” at the Chambers & Partners Bar Awards 2011.

Our Chief Executive, Caoilionn Hurley, is leaving South Square for pastures new. We are very grateful for all that she has done towards the smooth running of Chambers during her time with us. She will be replaced by Ron Barclay-Smith, our new Chambers Director, who will be joining us from the well-known common law set at 9 Gough Square. Ron was an RAF officer for 20 years and, before joining 9 Gough Square, had a successful career leading a number of organisations in the charitable, public and private sectors. We are all very much looking forward to the contribution which we feel sure that Ron will make to the management and future development of Chambers.

Following his appointment to the position of Visiting Professor at The Faculty of Law in Oxford, we are now delighted to announce that, in addition, Gabriel Moss QC has been appointed as Visiting Fellow at St Catherine’s College, Oxford, for the same 3 year period.  This appointment does not entail any further teaching.

Gabriel will continue in full-time practice as a member of South Square, along with fulfilling his occasional duties as a deputy High Court judge in the Chancery division.

We are delighted to announce that Gabriel Moss QC has been appointed Visiting Professor at The Faculty of Law in Oxford, initially for a period of 3 years, and will teach insolvency law to BCL students. 

Gabriel will continue  in  full-time practice as a  member of Chambers and will teach part-time, along with occasional sitting as a deputy High Court judge in the Chancery division.  William Trower QC, Chair of South Square’s Executive Committee congratulating Gabriel said: ‘The appointment is a well-deserved recognition of Gabriel’s standing in the area of insolvency law.’

Robin Dicker QC and Joanna Perkins have both recently been appointed as Finance Experts to the Panel of Recognized International Market Experts In Finance, also known as Prime Finance, which was created by the World Legal Forum foundation, a conflict-resolution initiative started by the International Criminal Law Network and the Science Alliance. P.R.I.M.E. Finance was established with the aim of facilitating dispute settlement, reducing legal uncertainty and fostering stability in the global financial markets.

To see the list of experts please click here.

Please click here to read a news article about P.R.I.M.E.