XXIV Old Buildings

Head of Chambers: Elspeth Talbot Rice KC

Head of Clerking: Paul Horsfield

THE CHAMBERS XXIV Old Buildings is a specialist commercial and chancery chambers based in London with an annexe in Geneva. The members have an unrivalled reputation for their commercial and chancery work both internationally and domestically. Top ranked in Chancery; traditional and offshore in Chambers and Partners, their strength and breadth of expertise can be demonstrated by the frequency of their appearance in courts of other jurisdictions, with members called to the Bars of Jersey, the BVI, Bermuda, St Vincent, the Cayman Islands, Dubai (DIFC), and other leading international financial centres such as the ADGM Abu Dhabi and the court in AIFC (Astana) in a judicial capacity. The Chambers is recognised as one of the most forward-thinking and innovative sets at the London Bar.

WORK UNDERTAKEN The calibre of XXIV Old Buildings’ practice is evidenced by the cases in which members are routinely instructed undertaking litigation, arbitration and the provision of advice across the full range of commercial and chancery work, from UK commercial litigation and insolvency work to truly international litigation and arbitration involving large-scale business disputes, fraud and asset tracing, and cross-border insolvency and restructuring; and to ‘traditional’ chancery matters such as private family trust and succession disputes. This broad base of expertise is supplemented by members’ specialist experience in fields such as hedge funds/SIVs; financial derivatives (spread betting/CFDs etc.); and aviation. Members are also highly experienced arbitrators and mediators. Some examples of work are set out below:

Wallis Trading Inc v Air Tanzania: A US$40 million award against the Defendants, Air Tanzania and the Tanzanian Government, following a 2-week trial in a dispute arising out of an aircraft leasing transac¬tion. The judgment illustrated why English law is routinely chosen as the governing law in aircraft leasing transactions between international parties.

Public Institution for Social Security of Kuwait v Man Group PLC plus 37 other defendants: A large-scale fraud claim concerning a lawsuit launched by the Public Institution for Social Security (PIFSS) in Kuwait which alleges it is owed £639.5bn as a result of fraud by its former director general.

Routier and another v HMRC: A Supreme Court case concerning a testamentary gift of property on trust for purposes which were agreed to be exclusively charitable under English law.

Ciban Management Corp v Citco: This Privy Council case explored the scope of duties of nominee directors of BVI companies when the ultimate beneficial owner of such companies effectively pull the strings to control the company but seek to keep entirely out of sight.

Lehtimaki and others v Cooper: A landmark Supreme Court judgment on issues of equity and charity law which potentially has significant ramifications for trust law and company law.

Byers & ors v Samba Financial Group: One of the most important pieces of commercial-chancery litigation before the English courts. It centres on a US$300 million transfer made by the director of a company in liquidation to the defendant bank.

Wong v Grandview: Claim that very large Bermudian non-charitable purpose trusts, or the transfers of very substantial assets into them, are void or should be set aside.

Dawson-Damer v Grampian Trust Company Ltd: A £400 million breach of trust/set aside claim in the Bahamas that has clarified the law on DPA/GDPR disclosure by trustees in England, and which involves ancillary injunction proceedings in Bermuda.

Times Travel Limited v Pakistan International Airlines Corporation: A Supreme Court case on economic duress where an airline is held to have used illegitimate pressure to force IATA agent into agreement to abandon claims for commission.

Re Blackstar: A complex and substantial trustees’ remuneration dispute.