Nik Yeo
Call Date
2000
Practice Areas
Nik Yeo has a broad commercial practice, with an emphasis on:
- Finance-related matters, including
- Derivatives / hedging / swaps / options
- Securitisations and other "credit crunch" structures
- Trade finance / factoring / forfaiting
- Security
- Guarantees
- Inter-creditor arrangements / debt subordination
- Capital market instruments (incl.FRNs, MTNs)
- Insurance and re-insurance (including representing Lloyd’s market)
- Disputes arising out of mergers and acquisitions
- Conflict of laws issues
- ADR
Recommendations (Practitioners' Guides)
Nik is recommended as a leading junior in Banking and Finance by Legal 500 (2008) and as an expert in Banking in Legal Experts 2009.
Education
LLB (Hons), BA (Hons), Melbourne University
BCL, First Class honours, Oxford University
Other Qualifications
Nik Yeo is a CEDR Accredited Mediator.
Nik is a former solicitor with a leading City Law firm.
Professional Experience
Nik Yeo is a barrister with substantial experience of commercial law, both as a litigator and from having advised in the structuring and negotiation of transactions (particularly finance/debt-related). He has recently been working on the Box Clever securitisation trial (one of The Lawyer magazine’s top trials of 2008), which raised important issues of securitisation market practice – the same issues which underlie the present global credit crisis. He is presently acting in a number of cases arising out of the “credit crunch” in the wholesale financial markets.
Nik is often briefed as part of a team of other barristers and solicitors, but is equally comfortable acting as sole counsel, having appeared un-led before the Court of Appeal (3 times) and the High Court (Commercial Court, QBD, Chancery Division, TCC) in appeals, trials and applications, including heavy Comm Crt applications; interlocutory injunctions; freezing orders (including advising on US$500m worldwide freezing order in relation to gold consignments); disclosure; stays in light of forum selection clauses and forum non conveniens; strike out/summary judgment applications.
Nik Yeo frequently advises overseas law firms, and is happy to take instructions directly from such firms.
Recent Practice
Examples of Nik Yeo’s recent practice include (in alphabetical order):
Arbitration:
Insurance dispute arising out of the UK mortgage endowment misselling inquiries (junior to Michael Brindle QC)
Dispute between international insurance company and investment manager over multi-billion dollar portfolio, involving restructuring of leveraged investments in ABS (asset backed securities) of various kinds (led by Tim Howe QC)
Lloyd’s market London arbitration (junior to Michael Crane QC) acting for FSTE 100 company in claim under D&O policy, securities fraud litigation brought in the US
Lloyd’s market London arbitration (junior to Tim Howe QC) US surplus line brokerage, extent of binding authority, roles of Lloyd’s placing and producing brokers, roles of lead underwriter and following underwriters in Lloyd’s
Enforcement of £100m loan / security package in Russia (led by Tim Howe QC)
Enforcement of foreign arbitration award in face of decision of Cairo court to nullify award
Film finance arbitration, and related questions of issue estoppel of foreign award subject to court approval and appeal in English proceedings
Reinsurance dispute concerning former captive (junior to Tim Howe QC)
Banking & Finance (including derivatives, “credit crunch” and fund management):
Box Clever: CDC Ixis v. CIBC and WestLB (junior to Mark Hapgood QC and Tim Howe QC) major Comm Crt litigation listed for 6 month trial at beginning of 2008, arising out of failed Box Clever securitisation, raising important questions about the role and effect of securisations (including complex financial modelling), CDOs (collateralised debt obligations), ABCP (asset backed commercial paper), the role and efficacy of “conduits” and commercial paper, mezzanine or subordinated finance, interest rate swaps. This case raises a number of the issues which have recently reappeared on a systemic / global basis in the present credit crisis.
Credit crunch cases, which are presently in early stages and include:
Dispute between international insurance company and investment manager over multi-billion dollar portfolio, involving restructuring of leveraged investments in ABS (asset backed securities) of various kinds (led by Tim Howe QC)
Dispute over enforcement of commodity hedging arrangements
Dispute in relation to sale to overseas investors of exposures to hedge funds, involving allegations of breach of fiduciary duties and breach of FSMA COBs
Enforcement of £100m loan / security package in Russia (led by Tim Howe QC)
Cattan v Mortlock dispute arising out of margin call demands by ANZ under PRIN instruments, entitling holders to a synthetic interest in ex-Russian Federation sovereign debt, including questions of regulatory compliance and professional negligence
Moody v. Condor Insurance Ltd [2006] 1 WLR 1847; [2006] 1 All ER 934 (junior to Stephen Rubin QC) guarantees, deed poll, deed inter partes, capital market guarantee. Rare and important case on enforceability of unilateral guarantees /deeds poll provided in support of loan notes.
Standard Bank London Ltd v. Omimex de Columbia Ltd (Comm Crt) (junior to Bankim Thanki QC) derivatives, swaps, commodity (oil and gas) hedging, ISDA terms, acquisition finance, binding force of mandate letters and term sheets, implied agreement, intention to create legal relations, misrepresentation, economic duress
North Cascade Ltd v. Smith (Ch Div) (junior to Nicholas Underhill QC, Tim Howe QC, Rosalind Phelps) secured acquisition finance, acquisition of trade finance / forfaiting business, enforcement, foreclosure, fraud, conspiracy
Communications Technology International Ltd v. International Environmental Management Ltd [2005] All ER (D) 19 (May) (Ch Div) “private equity” finance, energy, trading in Kyoto Protocol carbon emission reduction credits, interpretation of indemnity agreement, conditions precedent, service out of jurisdiction, enforcement of English judgments abroad
Lloyd’s TSB Bank various matters arising out of its business and consumer lending operations, such as realisation of securities (including overriding interests under the LRA), conversion of negotiable instruments, breach of mandate, Liggett defence, enforcement of consumer credit agreements, subrogation
Barclays Bank various matters arising out of its business lending operations (see above)
NatWest Bank various matters arising out of its business lending operations (see above), including Sainsbury’s v. Olympia (2005, Ch Div) option over land (for the earlier liability decision, see [2005] EWHC 1235; [2006] 1 P & CR 17; [2005] 25 EGCS 193; [2005] NPC 79)
Sub-prime lenders acting for various lenders in the sub-prime sector, including on standardised recovery proceedings where mortgage debts have been securitised
Finance documentation advising on drafting of finance and security documentation, for example in relation to creation of a fixed (cf floating) charge
Financial regulation/FSMA advising on market abuse and other regulatory matters under FSMA
Chancery/Company Law:
Settling pleadings and assisting with interrogatories, witness statements and expert reports for foreign law firm in high profile action brought in that foreign jurisdiction against former officers of a corporation (led by Michael Brindle QC) breach of fiduciary duties, shadow directorships, ultra vires, excessive delegation, failure to supervise, conspiracy, knowing receipt / dishonest assistance. That action was the most high profile action in that jurisdiction at the time, receiving daily media coverage.
Dispute over executive share options
Civil Fraud:
Box Clever see under Banking and Finance above
Arc International plc v. Sullivan (QBD) commercial fraud, conspiracy (alleged theft of competitor’s customer information and pricing)
Dollfus Mieg & CIF v. CDW International Ltd (Comm Crt) (on own and junior to Michael Crane QC and Veronique Buehrlen) joint ventures, fraudulent alteration to accounts, freezing orders, security for cross undertaking
NCM Credit Insurance v. Dovertower (Comm Crt) (junior to Stephen Moriarty QC and Veronique Buehrlen) credit insurance, bills of lading, fraudulent scheme, conspiracy
North Cascade Ltd v. Smith (Ch Div) (junior to Nicholas Underhill QC, Tim Howe QC, Rosalind Phelps) see under Banking and Finance above
US$60m IT-supply claim (foreign jurisdiction) acting for world leader in supply of that component
Commercial Litigation:
This category encompasses all the other categories, but the following are examples of work which does not neatly fall under any of the other headings. This category includes in particular disputes arising out of merges and acquisitions
Collier v. Williams; Marshall v. Maggs [2006] 1 WLR 1945 (CA); [2006] CP Rep 22; [2006] PIQR P18, appearing (without a leader) before the Court of Appeal in this leading authority on service of proceedings on “last known residence”, extensions of time for service, role of appeal court
Coupers Partnership Ltd v. Basarik [2007] All ER (D) 289; (2007) 151 SJLB 195; [2007] EWCA Civ 40, appearing (without a leader) before the Court of Appeal in appeal arising out of business premises ratings valuation dispute
Battista v. Bassano [2007] All ER (D) 111, appearing (without a leader) before the Court of Appeal on inadequate reasons of trial judge and seeking admission of new evidence
Yarm Road Ltd v. Cleveland Bridge (UK) Ltd (Comm Crt) (junior to David Railton QC) complex accounting claims arising out of a management buy out (MBO) of Kvaerner plc’s suspension bridge and structural steel business, acting for purchasers
Powergen plc v British Sugar plc [2006] EWHC 316 (QB) (on own and junior to Bankim Thanki QC) acting for Powergen, interpretation of sale of electricity supply business, billing errors, whether included assigned rights included rights to recover underpayments from customers
AT Holdings Ltd v. Canon (UK) Ltd, acting for telecoms company in dispute with Canon arising out of share purchase agreement breach of warranty relating to number of customers and liabilities under pension scheme, including reliance upon Disclosure Letter
Costain Ltd v Bechtel Ltd [2005] EWHC 1018 (TCC); [2005] TCLR 6; [2005] Adj LR 05/20 (junior to Anthony Boswood QC and David Thomas QC) procuring breach of multi-billion pound infrastructure contract (Channel Tunnel Rail Link), interpretation of NEC form of construction contract, role of project manager, interlocutory injunctions, effect on third parties
Spectra International v. Tiscali UK Ltd [2002] EWHC 2084 (Comm); [2002] All ER (D) 209 (Oct) (Comm) (junior to Bankim Thanki QC) computer contracts, information technology, internet service provision, internet-enabled televisions, joint venture negotiations, intention to create legal relations (cited in Chitty on Contract 29th ed)
Barings plc v. Coopers & Lybrand [2001] EWCA Civ 1163 (acted as junior to Hon Christopher Bathurst QC before CA) bias, trial judge reading inadmissible evidence, case management discretion
Commodities:
See Standard Bank v Omimex under Banking and Finance above
Commodity hedging dispute see under Banking and Finance above
US$500m gold consignment dispute, advising consignee in relation to worldwide freezing / Mareva orders
Conflict of laws & Private International Law:
Film finance dispute, advising on effect of foreign arbitration Award on proceedings brought by person who was not a party to that award in England, including issues of recognition of foreign arbitration awards and issue estoppel
British Sugar v. Babinni (SCCO) conflict of laws, jurisdiction over detailed costs assessment; “Brussels” Regulation No 44/2001, lis alibi pendens, Italian proceedings
DACA Inc v. Carver Boat Corporation (Comm Crt) application to set aside service out of the jurisdiction (US), choice of law, Rome Convention, agency, misrepresentation
Manhattan Investment Fund v. Bear Stearns (QBD) (junior to Anthony Boswood QC) letters rogatory from US court, differences between US and English disclosure
Communications Technology International Ltd v. International Environmental Management Ltd (see above) service out of jurisdiction (Singapore and Australia), enforcement of English judgments abroad
Forum shopping advising (both English and overseas solicitors) on tactics for litigating in multi-jurisdictional disputes in England and resisting litigation elsewhere
Gathering evidence in England for use in the US advising US lawyers about the extent and manner in which evidence for US proceedings can be gathered in England
Regularly lectures to law firms in London (and occasionally overseas) on Conflict of Laws topics.
Costs:
Group action against UK government (junior to Michael Crane QC) costs, conditional fee agreements
NCM Credit Insurance v. International Generics Limited (Comm Crt) (junior to Philip Brook Smith QC) settlement agreement, signed counterparts, escrow
Energy & Natural Resources:
Powergen v British Sugar [2006] EWHC 316 (QB) (on own and junior to Bankim Thanki QC) see under Commercial Litigation above
Powergen v Dalkia acting for Powergen in dispute with reseller of electricity
British Gas v Solihull acting for British Gas in dispute with commercial customer over take-over of supply of gas, restitution, quantum meruit, quantum valebat
Standard Bank v Omimex oil and gas commodity swaps (see under Banking and Finance above)
Insurance & Reinsurance:
Film finance dispute, concerning insurance / guarantee see under Arbitration above
Reinsurance dispute concerning former captive (junior to Tim Howe QC)
NCM Credit Insurance v. Dovertower (Comm Crt) see under Civil Fraud above
Society of Lloyd’s v. Tropp [2004] EWHC 1396 (Comm) representing Society of Lloyd’s in Names litigation, liability of Names under Reconstruction and Renewal Scheme (permission to appeal refused by Court of Appeal [2004] EWCA Civ 1544)
Tropp v. Society of Lloyd’s [2004] EWHC 3335 (Comm) Names litigation, counterclaim by Name, liability of Lloyd’s to Names
Society of Lloyd’s v. Ilse (Comm Crt) representing Society of Lloyd’s in Names litigation
Society of Lloyd’s v. Harrison (Comm Crt) representing Society of Lloyd’s in Names litigation, deceased Name, role of estate
Various Lloyd’s of London arbitrations (see under Arbitration above)
Ponzi fraud (junior to Timothy Howe) bank’s fidelity policy, Ponzi fraud committed by employees, whether policy covers third party liability or only first party liability
Intellectual Property / Information Technology / Telecommunications:
Although Nik Yeo does not practice in “hard IP”, he has a good background in “soft IP”, technology and telecoms and much of his commercial litigation practice involves disputes concerning technology, for example
Spectra International v. Tiscali UK Ltd [2002] EWHC 2084 (Comm); [2002] All ER (D) 209 (Oct) (Comm) (junior to Bankim Thanki QC) ISP, internet-enabled televisions (see under Commercial Litigation above)
Valor Ltd v. Bowin Technology Pty Ltd (QBD) patent licence, failure to exploit in accordance with licence, misrepresentation
Communications Technology International Ltd v. International Environmental Management Ltd [2005] All ER (D) 19 (May) (Ch Div), carbon emission trading scheme (see under Banking and Finance above)
AT Holdings Ltd v. Canon (UK) Ltd, telecoms M&A (see under Commercial Litigation above)
Mediation:
Nik, as a CEDR Accredited Mediator, has attended and advised in many mediations, which he regards as another aspect of deal (re)negotiation, in respect of which his experience as a transactional solicitor has proved invaluable.
Professional Negligence:
Acting in numerous professional negligence disputes, particularly with a finance-related angle, including
Acting for claimant in action against barrister and solicitor arising out of litigation brought by ANZ to recover margin payments due on ex-Russian Federation sovereign debt (see under Banking and Finance above)
Acting in numerous action brought by lenders against valuers in relation to negligent valuation of security
Acting for lender in a claim against its solicitor for negligence in signing a Certificate of Title in respect of a borrowing by a partner of that solicitors firm who subsequently absconded
Acting for broker in claim brought against it for negligence in the conduct of its mandate to trade on a discretionary basis
Sport:
Sporting body dispute (junior to Michael Crane QC) between world governing body of high-profile sport and participants, disciplinary hearings, procedural fairness/natural justice
Image Promotion Company v. Middlesborough Football Club (QBD) (assisting Leading Counsel for sponsor claimant) image rights
Southend United Football Club v. Rebus Insurance, acting for sponsor in sponsorship dispute
Lloyd’s TSB v. Hayward [2002] EWHC 456 (Ch) (assisting Counsel for Lloyds) dispute with owner of Bournemouth Football Club over guarantees given for club’s borrowings
Reported Cases
Moody v Condor Insurance Ltd [2006] 1 WLR 1847; [2006] 1 All ER 934; [2006] 1 All ER (Comm); [2006] 1 C.L.C. 263; The Times 27 Feb 06 (junior to Stephen Rubin QC)
Collier v. Williams; Marshall v. Maggs [2006] 1 WLR 1945 (CA); [2006] CP Rep 22; [2006] PIQR P18; (2006) 103(7) L.S.G. 23; (2006) 150 S.J.L.B. 128 (appeared without leader before Court of Appeal)
Costain Ltd v. Bechtel Ltd [2005] TCLR 6 (junior to Anthony Boswood QC and David Thomas QC)
Spectra International v. Tiscali UK Ltd [2002] All ER (D) 209 (Oct) (Comm); [2002] Masons CLR 62 (junior to Bankim Thanki QC)
Publications
Contributing author to B Thanki QC (ed) The Law of Privilege (OUP, 2006)
“Damages for breach of exclusive jurisdiction clauses” chapter in S Worthington (ed) Commercial Law and Commercial Practice (Hart, 2003)
“Breaking Promises to Litigate in a Particular Forum: Are Damages an Appropriate Remedy?” [2003] LMCLQ 525 (cited in Dicey and Morris on The Conflict of Laws, 13th ed, 4th supplement, and in Briggs & Rees, Civil Jurisdiction and Judgments 4th ed 2005).
Headnoter of the White Book’s Civil Procedure Reports
Reviews of various legal text books for law journals
Various articles in professional publications.
Other Experience
Prior to coming to the Bar, Nik practised as a transactional solicitor with Slaughter and May in London.
He has extensive experience of many forms of financing, particularly derivatives and structured financings - including securitisations; hedge-fund structures; collective investments (particularly those aimed at market professionals and those involving complex derivatives or other means of providing rebalancing or capital protection); multi-jurisdictional secured and syndicated loans (including conflict of laws issues); project finance and other limited recourse financing; acquisition financing (including for private equity houses); bonds (including Eurobonds), commercial paper programmes and other listed debt issues; as well as financial regulation.
He has taught an undergraduate course on the law of securities.
Nik Yeo is a member of
- the London Court of International Arbitration (LCIA)
- the Commercial Bar Association (COMBAR)
- the London Commercial Bar Association (LCLCBA)
Nik has held office as a trustee of a commercial law firm’s pension fund.
Nik Yeo undertakes work for the Bar Pro Bono Unit.