Rosalind Phelps, representing the trustee of the Tchenguiz Family Trust, has this week successfully overturned a stay of the proceedings in the Commercial Court against Kaupthing, the failed Icelandic bank (reported in the Times on 14 May 2011). Kaupthing attempted to delay proceedings brought by the trust for a £1 billion claim in damages, following the trust’s allegations that Kaupthing misrepresented its financial position before its collapse in 2008. David Murray, instructed by Edwards Angell Palmer and Dodge LLP, represented the Tchenguiz Discretionary Trust in a parallel application, which also succeeded.