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 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 substantial matters relating to Paragon Offshore, Phones4U, Lehman Brothers, SAAD Investments, Hibu, Kaupthing Singer & Friedlander, Woolworths, European Directories, Hellas Telecommunications, Yugraneft, Dana, Schefenacker and Eurotunnel. He was heavily involved in the TXU insolvency.

 Since taking silk, he has been involved in litigation arising out of the Lehman administration, including Re Storm Funding (quantification of the pensions contribution liability) and (with Barry Isaacs QC) the Re Lehman Bros International Europe (in Administration) (Waterfall I). He also acted with William Trower QC for Card Protection Plan in relation to its scheme of arrangement. He has acted in litigation arising out of the removal and replacement of administrators appointed in relation to a number of companies in a ship-owning group (Northsea Base Investments Ltd & others), and in proceedings relating to the sale of property by administrators at an alleged undervalue (Angel House Developments Ltd). More recently, he acted in litigation arising out of the failure of ARM Asset Backed Securities SA, a Luxembourg incorporated investment vehicle in provisional liquidation in England, which has been resolved following approval by creditors of a company voluntary arrangement. He acted for the directors of Paragon Offshore plc on their application for administration, in the context of Chapter 11 proceedings in the US.

 Mark is a contributor to Company Directors: Duties, Liabilities and Remedies (Mortimore, OUP, 2013; 3rd edition, 2017) and Cross-Border Insolvency Fourth Edition (Sheldon, Bloomsbury, 2015). 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.

AREAS OF PRACTICE

 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 Group, Angel House Developments LtdLotus Cars, Hibu, Anglo Irish Bank, Eircom, Quinn Group, Visteon, Nortel, Dana, Schefenacker, Boo.com and Eurotunnel.

Insolvency and Restructuring

Recent or significant reported cases include:

  • 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 ARM Asset Backed Securities SA, Fordgate Midland Properties Ltd (in administration), Northsea Base Investments Group, Angel 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
  • Advising 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

AWARDS AND RECOMMENDATIONS

Chambers & Partners “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"
"He is the person to call when complex liquidations arise”
“A pragmatic barrister who performs well on big cases”
“Disciplined – he doesn’t let anything fall through the cracks”
“A fantastic details person and can crunch through a prodigious amount of work”
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
Chancery Bar Association
INSOL Europe
RISA

PUBLICATIONS

LECTURES AND SEMINARS

  • 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: Resucue and Restructuring) (October 2015)
  • Sidley Austin LLP: Stichting Shell Pensioenfunds v Krys and its implications (2015)
  • Sidley Austin LLP: Fibria Celulose SA v Pan Ocean Co Ltd and its implications (2014)
  • Mourant Ozannes, Channel Islands: Directors’ Duties in the Zone of Insolvency (with Jeremy Wessels and Bruce Lincoln) (October 2014)
  • Cross Border Insolvency – Trustees & Insolvency: Hot Topics (with Glen Davis QC and William Willson), Bedell Cristin, Jersey (June 2014)
  • Directors’ Duties in Regulated Firms: The implications of GHLM Trading Ltd v Maroo, a lecture delivered to the British Insurance Law Association (BILA) and subsequently to Clyde & Co (with Glen Davis QC) (2014) 
  • R3 Directors' Duties legal update (with Hilary Stonefrost and Adam Goodison), Solihull and London (2013)
  • IBC European and International Restructuring Seminar, London: To involve the Court or not to involve the Court (UK and EU perspective) (2013)
  • Kirkland & Ellis LLP: The power of the majority to bind the minority: Abuse of Power - the Assenagon decision (2012)

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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