Sri Carmichael

Civil fraud and asset recovery

Sri has acted in substantial commercial fraud claims, including conspiracy claims. She has considerable experience cross-examining on allegations of fraud and dishonesty and is frequently instructed in disputes with a company law or insolvency angle due to her cross-discipline expertise.

Recent work includes:

• Floreat Investment Management Limited v Churchill & Ors [2022] EWHC 357 (Comm): Acting for the manager of a Cayman Islands investment fund in a multi-million dollar three-week fraud trial in the Commercial Court against the fund’s former investment advisers.
• MDS Accident Repair Centre Limited (in liquidation) v Dudey & Ors: Acting for the claimant in an eight-day trial of a breach of duty/knowing receipt claim in which it was alleged that the company’s de facto directors had diverted the company’s funds to their own corporate entities. Sri undertook multiple days of cross-examination on allegations of fraud and dishonesty which led to a favourable settlement for the claimant on the penultimate day of trial.
• Harry v Harry & Salisbury Autistic Care Limited: Succeeded in the trial of a shareholders’ dispute in the Companies Court between two brothers concerning the fraudulent diversion of a multi-million pound care home business.
• Defending former consultants to the commercial arm of a leading university who were alleged to have misappropriated confidential information worth millions of pounds in respect of computer gaming programmes developed for the military and police.
• Acting for a US-based shareholder of a technology company operating from the Ukraine in a dispute concerning apparently fraudulent conduct by the company’s other shareholders.
• Acting for a private bank and its directors in a multi-million pound commercial fraud claim concerning misappropriation of confidential information and a maturing investment opportunity.
• Acting for a renewable energy company in a claim against a former director for diverting business opportunities.
• Defending former employees of a Norwegian media firm against allegations of breach of duty, breach of confidence, knowing receipt and conspiracy in a claim that raised conflict of laws issues. Settled by way of mediation after Sri successfully resisted an application for a springboard injunction.

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Company law

Sri frequently acts in unfair prejudice petitions, claims for breaches of shareholders’ agreements and claims against directors. She also advises on technical aspects of company law concerning corporate governance, including meetings and resolutions, and has experience of joint venture disputes.

Sri has successfully acted as sole counsel in lengthy unfair prejudice and breach of duty trials involving allegations of fraud and dishonesty.

Sri also acts for the Secretary of State and advises directors in respect of proceedings under the Company Directors Disqualification Act 1986, including applications for permission to continue to act where a director has been disqualified or given an undertaking.

Recent work includes:

• Advising minority shareholders in respect of two related unfair prejudice petitions concerning global mining companies.
• Harry v Harry & Salisbury Autistic Care Limited: Succeeded in the liability trial of an unfair prejudice petition in the Companies Court between two brothers concerning the fraudulent diversion of a multi-million pound care home business.
• MDS Accident Repair Centre Limited (in liquidation) v Dudey & Ors: Acting for the claimant in an eight-day trial of a breach of duty/knowing receipt claim in which it was alleged that the company’s de facto directors had diverted the company’s funds to their own corporate entities. Sri undertook multiple days of cross-examination on allegations of fraud and dishonesty which led to a favourable settlement for the claimant on the penultimate day of trial.
• Enterprise Insurance Company plc (in liquidation) v EHL Realisations Limited & Ors: Acting as part of the counsel team instructed by the claimant on this complex £50m fraudulent breach of duty claim in the Supreme Court of Gibraltar arising out of the much publicised collapse of one of Gibraltar’s largest insurers. Focused on the financial assistance element of the claim.
• Acting for a US-based shareholder of a technology company operating from the Ukraine in a multi-million pound dispute for breach of the shareholders’ agreement. Settled following service of draft proceedings on the other side.
• Acting for a minority shareholder in a dispute over the operation of an eyewear company which involved misappropriation of company assets and a threatened rights issue to dilute the client’s shareholding. Settled after draft petition served on the other side.
• Acting for a director and shareholder in a dispute over ownership of the company and rectification of the register of members. The claim involves analysis of alleged share transactions stretching back several years and a claim for proprietary estoppel.

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Insolvency

Sri acts for officeholders, creditors, companies and company directors in respect of winding up petitions and injunctions to restrain, antecedent transactions, allegations of misfeasance and wrongful trading, and other issues arising out of liquidations, administrations and CVAs.

Sri is also instructed by trustees in bankruptcy, creditors and debtors in respect of statutory demands, bankruptcy petitions (including annulment and rescission applications), IVAs and debt relief orders.

Recent work includes:

• Acting for a creditor and former employer in an £80 million dispute with the liquidator of public sector contractor Carillion.
• Enterprise Insurance Company plc (in liquidation) v EHL Realisations Limited & Ors: Acting as part of the counsel team instructed by the liquidator on this complex £50m fraudulent breach of duty claim in the Supreme Court of Gibraltar arising out of the much publicised collapse of one of Gibraltar’s largest insurers. Focused on the financial assistance element of the claim.
• Acting for liquidators in a misfeasance/transaction at an undervalue application against a former director in relation to payment of unlawful dividends.
• Advising a creditor in relation to a s.262 IA 1986 application to challenge an IVA on the grounds of unfair prejudice and material irregularity.
• MDS Accident Repair Centre Limited (in liquidation) v Dudey & Ors: Acting for the claimant company in liquidation in an eight-day trial of a breach of duty/knowing receipt claim in which it was alleged that the company’s de facto directors had diverted the company’s funds to their own corporate entities. Sri undertook multiple days of cross-examination on allegations of fraud and dishonesty which led to a favourable settlement for the claimant on the penultimate day of trial.
• Farrington v Turner: Successfully defended TV personality Anthea Turner in a five-day trial of a multi-million pound transaction at an undervalue claim brought against her by her former husband’s trustee in bankruptcy.
• Advising on strategies to remove a liquidator who had installed himself without proper authority and obtain pre-action disclosure from the company in liquidation. Dealt with the insolvency aspects of this large-scale construction dispute.
• Advising a director/shareholder on the practicalities of putting a company into CVL or administration and the risks he faced of an officeholder bringing claims against him.
• Various public interest winding up petitions on behalf of the Secretary of State for Business Energy and Industrial Strategy.
• Acting for a company petitioning for the bankruptcy of one of its directors in respect of unpaid loans. Involved successfully resisting an interim application to strike out material from a witness statement that was said to be subject to without prejudice privilege.
• Acting for a trustee in bankruptcy seeking to set aside a judgment to which he was not a party pursuant to CPR 40.9 on the basis that he was ‘directly affected’ by the bankrupt’s decision, prior to the trustee’s appointment, not to oppose an application for a declaration regarding her ownership of a property.
• Acting for the Official Receiver in various matters, including an application under s.346 IA 1986 for a determination as to whether a creditor should be permitted to retain the benefit of a final charging order obtained after the bankruptcy order was made.

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International arbitration

Sri is instructed in arbitral proceedings as part of her commercial practice. She has experience of LCIA and ad hoc arbitrations.

Recent work includes:

• Acting for a US-based oil company in an LCIA arbitration of a joint venture dispute concerning oil and gas fields in Egypt and the validity of cash calls issued under the operating agreement.
• Ad hoc arbitration concerning the interpretation of a multi-million pound contract entered into by the Ministry of Defence.

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