Richard Fisher +44 (0)20 7696 9900 richardfisher
@southsquare.com


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Practice Managers

Richard Fisher

Richard Fisher Richard Fisher

Richard Fisher

Called to the Bar 2000
+44 (0)20 7696 9900
richardfisher@southsquare.com
Richard Fisher
Called to the Bar 2000

Richard has a commercial dispute focused practice with a particular specialism in domestic and cross-border reconstruction and insolvency, banking, fraud and financial products/derivatives litigation. He regularly acts in relation to multi-jurisdictional and complex commercial disputes, and is a member of the BVI bar.

In recent years Richard has appeared in various substantial and high-profile cases in England at all levels of tribunal up to the Supreme Court, including disputes arising out of the Lehman Bros insolvency (Waterfall I and II proceedings, and Firth Rixson), Eurosail, Snoras Bank, Federal Mogul (reinsurance recoveries) and the Servaas state immunity litigation.

He has acted in relation to many of the major recent UK based insolvencies/restructurings, including Codere SA, Co-Op Bank, Lehman Brothers, Deutsche Annington, Telecolumbus and Cattles.

Richard is regularly recommended by the legal directories as a leading junior in the fields of commercial chancery, insolvency/restructuring and banking and finance. Recent comments describe him as "fantastic on his feet and never one to be ruffled", "an exceptional junior for his year of call", "bright, creative and clearly going places", “a go to junior”, “very user friendly” and a barrister who “is extremely thorough and doesn't miss a thing”.

Richard is nominated for the Chambers UK Company/Insolvency Junior of the Year Award 2016. 

 

AREAS OF PRACTICE

Insolvency and Restructuring

Richard has extensive experience of both contentious and non-contentious corporate insolvency work. Recent instructions include advising and acting for various hedge-funds involved in the Lehman Waterfall I and II proceedings, the Co-Operative Bank in relation to its £1.5 billion recapitalisation, acting for the claimant noteholders in the Eurosail SPV dispute, acting for the company in relation to the Deutsche Annington scheme of arrangement, and advising various noteholders and creditors in relation to the Landsbanki and Kaupthing special provisions regimes.

Richard has also been involved in various domestic and international corporate reconstructions, involving the use of both schemes of arrangement and CVAs, and the application of the EC Regulation on Insolvency Proceedings/the Uncitral Model Law. Experience includes acting for the companies in relation to the restructuring of Codere SA, the IMO/Bluebrook Group, the Federal Mogul Group, the Cattles Group and the Telecolumbus Group.

Recent cases include:

  • Waterfall I [2016] Ch 50, concerning whether currency conversion claims rank as non-provable claims in an insolvency
  • Waterfall II [2016] Bus LR 17 and [2015] BPIR 1162, concerning various issues relating to the interpretation of the interest provisions in the Insolvency Rules 1986, and the effect of post-administration agreements entered into by the Lehman administrators with creditors on claims to interest/non-provable claims
  • Kemsley v Barclays Bank [2013] BPIR 839, concerning the availability of anti-suit injunctive relief in support of domestic insolvency proceedings
  • BNY Corporate Trustee Services v Euosail-UK 2007-3BL [2013] 1 WLR 1408 (SC), meaning of balance sheet insolvency for the purpose of section 123(2) of the Insolvency Act 1986
  • Mills v HSBC [2012] 1 AC 804 (SC), interplay between the rule against double proof and the rule in Cherry v Boultbee
  • Re Kaupthing Singer and Friedlander [2010] BPIR 539 (CA), correct interpretation and application of the Insolvency Rules relating to set-off in respect of future liabilities
  • Re IMO/Bluebrook [2010] 1 BCLC 338, contentious scheme involving valuation issues and the acquisition of the debtor’s business by senior creditors using a debt for equity swap
  • Hague and Pricewaterhousecoopers v Nam Tai Electronics [2008] UKPC 13, ability of dissatisfied creditors to bring claims directly against office holders
  • Re Cheyne Finance [2008] 2 All ER 987, meaning and scope of commercial insolvency within section 123 of the Insolvency Act 1986
  • Re Cape [2007] 2 BCLC 546, whether schemes of arrangement can include self-amendment provisions
  • Re T&N  [2006] 1 WLR 1728, ability of schemes and CVAs to bind contingent creditors in the context of large scale asbestos liabilities

Banking and Finance

Richard regularly advises on and conducts litigation in relation to issues arising from structured finance documentation, and disputes between different classes of noteholders. He continues to be instructed by the Lehman administrators in relation to client money issues. Having acted in the consolidated Firth Rixson appeal concerning the ISDA master agreement, Richard has increasingly been instructed in relation to general derivative disputes and, in particular, close-out calculations.

Recent cases include:

  • Re Lehman Brother International Europe [2012] Bus LR 667, correct interpretation of CASS 7 (client money protection) rules
  • LB RE Financing No 3 v Excalibur Funding No 1  [2011] EWHC 2111 (Ch), correct construction of the terms of issue of a series of CDOs, and whether an event of default had occurred
  • Lomas v JRF Firth Rixson [2012] 2 Lloyd’s Rep 548, interpretation of section 2(a)(iii) of the ISDA Master Agreement, and infringement of the anti-deprivation principle
  • Re Cattles [2010] 2 BCLC 712, proper interpretation of a non-compete clause within a corporate group cross guarantee
  • Mills v HSBC Trustee (CI)  [2012] 1 AC 804, proper interpretation of a multi-party guarantee and subordination agreement, and the application of the rule in Cherry v Boultbee
  • Bank of New York v Montana [2008] EWHC 1594 (Ch), correct construction of security documentation relating to the Orion SIV
  • Re Save Group Robinson v AIG [2005] 1 BCLC 1, enforceability of multi-party subordination agreements and their effect on inter-company proofs

Commercial Litigation and Arbitration

Richard continues to be involved in substantial commercial litigation and asset recovery proceedings, with litigation taking place in various jurisdictions. Having acted for the Brunei Investment Agency for many years in relation to its disputes with Prince Jefri, he has since been instructed in the IPOC litigation, the Tchigirinsky v Sibir Energy dispute and aspects of BTA Bank v Ablyazov. Richard has spent a significant period of time engaged in litigation in off-shore jurisdictions such as the Cayman Islands. Current instructions include the £500 million breach of duty claim by Snoras Bank brought against certain members of its former management, and a Cayman Islands claim being brought by liquidators of a Madoff feeder fund for breach of duty against its former custodian and administrator.

This litigation frequently involves obtaining or defending injunctive relief, the appointment of inspectors/receivers and judgment enforcement issues (including sovereign immunity).

Equally, Richard also acts in relation to general commercial disputes such as the Federal Mogul reinsurance declaratory action before the Commercial Court.

Recent cases include:

  • SerVaas Incorporated v Rafidain Bank [2013] 1 AC 595 (SC), judgment enforcement and state immunity
  • Snoras Bank v Antonov [2013] EWHC (Comm) 131, freezing orders, compelled information and the right to silence
  • Lomas v JRF Firth Rixson [2012] 2 Lloyd’s Rep 548, interpretation of Section 2(a)(iii) of the ISDA Master Agreement, and infringement of the anti-deprivation principle
  • BNY Corporate Trustee Services v Euosail-UK 2007-3B [2013] 1 WLR 1408 (SC), construction of terms and events of default in a CMBS transaction
  • Brunei Investment Agency v Bolkiah [2007] UKPC 62, construction/enforcement of settlement agreements

Company

Richard undertakes general company law advice and has particular experience in respect of domestic, Cayman and Bermudian shareholder disputes, including unfair prejudice petitions, just and equitable winding-up petitions, redemption issues and the appointment of company inspectors.

Recent significant litigation in respect of which Richard has been instructed includes Re Fortuna Development Corporation (Cayman Islands), regarding the stay/strike out of a just and equitable winding-up petition and subsequent satellite litigation.

AWARDS AND RECOMMENDATIONS

Chambers & Partners Leading junior for Commercial Chancery, Insolvency/Restructuring and Banking/finance
Legal 500 Leading junior for Commercial Chancery, Insolvency, and Banking/finance

CAREER

2009 Called to Bar of the Eastern Caribbean Supreme Court
2002-2007 Tutor in Insolvency Law, University of London LLM
2000 Called to Bar of England and Wales

PUBLICATIONS

Consultant Editor of Halsbury’s Laws
Contributor to Totty and Moss on Insolvency
Contributor to Cross-Border Insolvency Fourth Edition (Sheldon, Bloomsbury, 2015) 
Contributor to Insolvency Intelligence
Contributor to International Corporate Rescue

EDUCATION AND QUALIFICATIONS

1999 Oxford University, BCL, First Class
1998 University College London, LLB, First Class

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