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Gray's
Inn
London WC1R 5NT
Tel: +44(0)20 7831 8441
Fax: +44(0)20 7831 8479
DX: LDE 331
chambers@3vb.com |
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Peter
de Verneuil Smith
Call
1998; BA Cantab (First Class) Law with European
Law (1993-1997)
E-mail: pdv@3vb.com |
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Main
practice areas
- Commercial
- International
Arbitration and Projects
- Banking
- Commercial
Fraud
- Insurance
/ Reinsurance
- Private
International Law
Commercial
Contractual disputes including guarantees (£5 million
export guarantee of printing press), international sale of goods
and services (US$248 million export of combustion turbine generator
units), agency agreements (including escrow agents), exclusive
distribution agreements (formula 1 racing), sole distribution
agreements ($50 million dispute involving the Middle East Aston
Martin network), enforceability of exclusion clauses/liquidated
damages clauses, conflicts of laws (in particular the Brussels
Regulation) and restitutionary remedies. Experience in drafting
international supply contracts (£10 million sale of uninterruptible
power supply engines).
Company matters; share sales agreements (US$200 million dispute
concerning Indian mobile phone tower providers), breach of warranty
claims, shareholder agreements, share transfers, Section 425
petitions (Peninsular and Oriental petition 2007), winding up,
breach of confidence, spring board injunctions and restraint
of trade.
Partnership disputes concerning fiduciary duties, holding out
and winding up accounts.
Particular experience of security for costs applications (including
in the Cayman Islands).
Recognised in Chambers and Partners 2008 as a leading junior
in commercial dispute resolution.
International Arbitration and Projects
Significant experience in large international arbitrations concerning
oil and gas and development projects; advised in respect of
a US$30 million shipbuilding contract regarding defective welding
and third party settlements; US$1.3 billion dispute concerning
credit support obligations and the principle of rebus sic stantibus
in respect of a thermoelectric power plant in Rio de Janeiro
(UNCITRAL and AAA - Brazilian law); US$200 million dispute regarding
the fairness of the employer's representative's award of an
extension of time in a turnkey thermoelectric power plant located
in the Philippines (ICC- English law); US$10 million back to
back subcontract concerning the construction of a sulphur extraction
plant in Abu Dhabi (ICC- Sharia law); dispute over English liquidators
employed in the privatization programme in Romania (ICC- Romanian
law) and acted for the employer in a £30 million claim
regarding a major dual carriageway construction (1996 Arbitration
Act- English law). Detailed knowledge of contractual construction
and project dispute issues such as; force majeure, enforceability
of liquidated damages, recoverability of consequential losses,
misrepresentation, bias/duty to act fairly of a contract administrator,
delay and disruption, extensions of time clauses and challenge
to expert determination. Familiar with interim remedies and
relief in the context of ongoing arbitration proceedings.
Banking
In 2008 acting for an investment company in a $10 million negligence
claim against HSBC brought in the Cayman Islands. In 2007 acted
for a credit card processing company in US$8 m dispute, brought
in Bermuda, against the Bank of Bermuda regarding a master merchant
agreement and gross negligence by the bank. Advised the British
Banking Association in 2006 as to the interpretation and impact
of Part VII of POCA 2002 upon the banking sector. Acted for
SOCA and HMRC in the leading Court of Appeal (2006) decision
regarding the meaning of Part VII of POCA. Represented the customer
is the first successful judicial review of a refusal by SOCA
to grant consent in respect of a suspicious transaction. Represented
Natwest in the first instance decision on the obligation of
banks to freeze accounts without giving notice to customers.
Very familiar with the money laundering obligations owed by
banks and practical solutions to situations of suspicious transfers.
Duties of banks to third parties arising from constructive trusteeship.
Recovery of over-payments- restitutionary claims against banks.
Enforcement of guarantees. Tracing based claims. Advised solicitors
as to compliance with FSA enforcement actions.
Contributor to the Encyclopaedia of Forms and Precedents (Banking)
6th Edition (2008).
Commercial Fraud
In depth experience of high value commercial fraud: particular
experience of insurance/re-insurance underwriting fraud (US$1
billion exposure), pension fraud, asset stripping of companies
to avoid enforcement of arbitration awards, MTIC and carousel
fraud (claims regularly in excess of £1 million), employee
fraud involving breach of fiduciary duty, receipt of bribes,
conspiracy to defraud and transactions defrauding creditors
(s423 CA 1985). Expertise in urgent remedies to protect and
trace assets; freezing injunctions, search orders, bankers trust
orders, Norwich Pharmacal relief and orders for the appointment
of a receiver. Very familiar with dishonest receipt and constructive
trust remedies. According to Chambers and Partners 2008 Peter
has a "robust approach" to dealing with fraud proceedings.
Editor of the "Money Laundering" Chapter of Smith,
Owen and Bodnar on Asset Recovery, Criminal Confiscation, and
Civil Recovery (2008 update forthcoming).
Insurance/Reinsurance
Broad experience of policy construction issues, avoidance/repudiation
due to non-disclosure, misrepresentation, duty of utmost good
faith, breach of warranties and financial guarantees. Particular
experience of disputes over reinsurance brokerage, issues of
holding out between London placing brokers and Chilean producing
brokers, brokers' negligence (failing to advise as to reasonable
precautions and failing to disclose convictions), fire claims
(for and against insurers), subrogation claims (third party
settlements which are not bona fide in the interests of the
insurer) and contribution proceedings against co-insurers. Very
familiar with litigation concerning insurance fraud (by brokers,
underwriters and insureds) and the use of the Financial Services
Ombudsman. Considered by Chambers & Partners 2008 to have
demonstrated a "fine analytical mind" in this field.
Private International Law
Experience in forum and substantive law disputes, challenges
to English jurisdiction, exclusive jurisdiction clauses, the
Brussels Regulation and enforcement of arbitration awards. Assistant
editor of European Civil Practice 2nd edition (2004). Familiar
with litigation in Bermuda and the Cayman Islands.
Notable
cases include
- TCB
Creditor Recoveries Ltd v Arthur Anderson LLP (Grand
Court of the Cayman Islands 2008 and continuing) [junior
counsel in a $800m auditor's negligence claim against AA]
(instructed by SimmonsCooperAndrew)
- GFI
v HSBC Bank Cayman Ltd (Grand Court of the Cayman Islands
2008 and continuing) [$10 million custodian's negligence
claim against HSBC] (instructed by SimmonsCooperAndrew)
- First
Atlantic Commerce Limited v Bank of Bermuda Limited
(Supreme Court of Bermuda November 2007) [junior counsel
for the claimant in a $8 million credit card processing
dispute involving gross negligence by the bank] (instructed
by Attride Stirling & Woloniecki)
- Charter
Construction PLC v Sparkwell Developments Ltd & Ors
(Chancery division 2007) [transactions defrauding creditors
contrary to 423 of the Insolvency Act 1986 and freezing
injunctions in support of an arbitration award) (instructed
by Pinsent Masons)
- Shepherd
Homes Ltd v Encia Remediation Ltd (TCC June 2007) [counsel
for the defendant in a 4 week trial concerning defective
piling of a site with 94 properties worth £17 million]
(instructed by Hill Dickinson)
- R
(on the application of UMBS Online Ltd) v Serious Organised
Crime Agency & Revenue & Customs (2008) 1 All
ER 465 [First Court of Appeal decision in which SOCA has
been successfully judicially reviewed over a failure to
grant consent to the transactions sought by an account holder]
(instructed by Malletts led by Paul Downes)
- Shepherd
Homes Ltd v Encia Remediation Ltd & Green Piling Ltd
(2007) BLR 135 [whether standard terms and conditions were
incorporated, reasonableness of a limitation clause and
sufficiency of notice] (instructed by Hill Dickinson led
by Michael Black Q.C.)
- R
(on the application of Just Fabulous (UK) Ltd) v HMRC
[2007] EWHC 521 (admin) [First decision in which a High
Court determined that investigations by HMRC into 'contra
trading' MTIC fraud were lawful] (instructed by Treasury
Solicitor led by Rupert Anderson Q.C.)
- Re
K Limited [2006] 2 Lloyd's Rep 569 [Court of Appeal
decision on the meaning of Part VII of POCA in respect of
a bank's duty to freeze bank accounts whilst investigations
are carried out by SOCA/HMRC] (instructed by Treasury Solicitor
and led by Andrew Mitchell Q.C.)
- Re
Peninsular and Oriental Steam Navigation Company [2006]
EWHC 389 (Ch) [part of the team which opposed the £3.9
billion take over of P&O by Dubai World- failure to
serve notices, validity of shareholder meetings, accidental
omissions by the company] (instructed by Gateley Wareing)
- X
v Y (2005) (New York based UNCITRAL arbitration) [US$1.3
billion dispute as to credit support obligations in respect
of a Brazilian thermoelectric power plant] (instructed by
Clyde & Co and led by Michael Black Q.C.)
- A
v B (2004 and ongoing) (London based ad hoc arbitration)
[£30 million dual carriageway road construction claim,
delay and disruption claimed by the contractor, meaning
of the word "expected", scope of duty to co-operate
with statutory undertakers, fairness of the Employer's Representative]
(instructed by Treasury Solicitors led by Jonathon Atkin
Davis Q.C.)
- Squirrell
Ltd v National Westminster Bank Plc (2005) 2 Lloyd's
Rep 374 (Commercial Court) [leading case on S328 (1) POCA
2002; obligations of banks to freeze accounts without notice;
duty to avoid tipping off] (instructed by DLA Piper Rudnick
Gray Cary)
- TCF
v Bilgin [2004] EWHC 2732 (Comm) [led in a £5
million guarantee claim, freezing injunction against Isle
of Man company based on the Chabra jurisdiction, heavy application
to set aside, appointment of a receiver] (instructed by
Clyde & Co)
- GNAC
v Hodgson & Ors (2005) (Commercial Court) [potential
$1 billion exposure arising from an underwriter issuing
fraudulent financial guarantee policies, bribery by and
conspiracy with brokers] (instructed by Clyde & Co)
- Longstaff
v Baker & Mckenzie (a Firm) [2004] 1 WLR 2917 (QBD)
[Security for costs, effect of an undertaking given by a
parent company in respect of a subsidiary company's poor
net asset position] (instructed by McClure Naismith)
- C
v D (2004) (London based ICC arbitration) [$200 million
claim concerning a Philippine Turnkey power plant project,
enforceability of liquidated damages, recoverability of
consequential losses, jurisdiction to award extensions of
time after completion dates have passed and whether time
was at large due to the unfairness of the contract administrator]
(instructed directly/Masons)
- Nationwide
v Welford (QBD) (2004 and ongoing) [fraudulent closure
of deposit accounts by a branch building society manager,
freezing injunction and bankers trust orders] (instructed
by Berrymans Lace Mawer)
- AJ
Station Cars v Le Winton (2004) (Ch.D) [breach of shareholder
agreement, ineffective share transfers and winding up] (instructed
by Attwood & Co)
- Hanco
v Cashbox (2004) (Ch. D) [use of client list/handbook
by former director of a cash machine supplier, breach of
confidence, search order and springboard injunction] (instructed
by Bryan Cave)
- Lewin
& Co v Paul Atkin (2004) (QBD) [use of client list
by former employee, breach of confidence, springboard injunction
and restraint of trade] (instructed by Carter Bells)
- Norwich
Union & Axa v Greenhalgh (2004) (QBD) [insured's
settlement with third party made without consent of insurers,
issue as to bona fides, breach of subrogation rights- settled
in mediation before Stephen Ruttle Q.C.] (instructed by
Plexus Law)
- AB
v XY (2003) (Commercial Court) [negligent underwriting
and receipt of bribes from US brokers by a bloodstock underwriter;
search and freezing orders] (instructed by Clyde & Co)
- Holman
Fenwick & Willan v Peter Kaye (2003) (Central London
County Court) [jurisdiction of English Courts under s 7(1)
(c) of Schedule 4 to the CJJA 1982, meaning of consumer
jurisdiction under article 15 of the Brussels Convention,
effect of advertising services over the internet] (instructed
by Holman Fenwick & Willan)
- SCET
v Bobbin Express Limited (2003) (QBD) [breach of exclusive
distribution agreement concerning Italian copper wire, conversion,
four freezing injunction obtained against dummy corporate
entities] (instructed by Gateley Wareing)
- Amalgamated
Metal v City of London Police (2003) 1 WLR 2711 (Comm)
[junior in money laundering (RBG Fraud); interim declarations;
CJA 1988 s.93A] (instructed by Eversheds)
- FPI
Sales v Insurewise Limited (Commercial Court) (2002)
[£1.5 million brokers negligence claim in respect
of a failure to disclose a spent conviction] (instructed
by Josiah Hincks)
- ICC
Case No 1174 Authority for Privatization and State Equity
Administration (Romania) v Rhuminrom Limited (UK) (2002)
[Paris based arbitration concerning English liquidator's
negligence in a privatization programme, led by Roger Stewart
Q.C.] (instructed by Kennedys)
Associations
- Member
of the Commercial Bar Association (COMBAR)
- Member
of the London Court of International Arbitration (LCIA)
- Member
of the Young International Arbitrators Group (YIAG)
-
Associate Member of the Chartered Institute of Arbitrators
(CIarb)
-
London Common Law & Commercial Bar Association (LCLCBA)
-
Technology and Construction Bar Association (TECBAR)
Publications
- Editor
of the "Money Laundering" Chapter of Smith, Owen
and Bodnar on Asset Recovery, Criminal Confiscation, and
Civil Recovery (2008 update forthcoming).
- Contributor
to The Encyclopaedia of Forms and Precedents (Banking) 6th
Edition (2008).
- Assistant
editor of European Civil Practice 2nd edition (2004).
- "Tipping
Off - The New Regime" Money Laundering Bulletin, published
by Informa Law April 2008.
- "POCA
in practice- Issue arising from Pt 7" Butterworths
Journal of International Banking and Financial Law (May
2007 vol 22 p258)- article discussing the practical problems
in complying with anti-money laundering obligations.
- "Freezing
suspicious bank accounts" New Law Journal- article
on POCA 2002 and the duties of banks to freeze bank accounts
(page 1286 2nd September 2005).
- "Liquidated
Damages- tightening the net" Solicitors Journal
June 2004- article analysing the modern approach to liquidated
damages and in particular the case of Cine Bes Filmcilik
v United International Pictures [2003] EWCA Civ 1669.
- "The
Risks of Advertising on the Internet" New Law Journal
March 2003 -article which considered the jurisdictional
ramifications of article 15 (1) of the Brussels Regulation
44/2001.
Seminars
- Speaker
at 7th MLRO Annual Convention "Practical Problems and
Solution in respect of Tipping Off" held on 5 February
2008
- Speaker
at CLT conference "Asset recovery: Criminal confiscation,
civil recovery and money laundering" held on 8 October
2007
- Speaker
at C5 conference "Fraud, Asset tracing & recovery"
held on 27th September 2007
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