Partner Profiles

Stephen Paget-Brown

Stephen is a dispute resolution lawyer with broad international and domestic commercial litigation experience. In the last three years or so, post "credit crunch", most of his cases have been in the banking and financial services sectors.

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Head of Litigation:
Stephen Paget-Brown

Insolvency Litigation

We have considerable experience in contentious insolvency matters arising out of or in connection with the full range of English insolvency procedures.

We regularly act for banks and other major financial institutions and for insolvency practitioners from all of the major firms. Many of the cases that we handle have significant cross-border aspects involving parallel proceedings in several jurisdictions.

“...Travers Smith 'has an excellent spread of expertise in the insolvency field'.”

Chambers UK

For example, we have represented the following:

  • the administrators of Lehman Brothers International (Europe) (as conflicts counsel)
  • various hedge funds and banks in connection with the collapse of Lehman. This has involved advising on a multitude of issues, in particular in three key areas: (i) UK insolvency law; (ii) litigation strategy (either in the context of the Lehman administration or in respect of other market participants) and (iii) the contractual arrangements between Lehman companies and counterparties (e.g. advice on claims in connection with the International Prime Brokerage Agreement, Custody Agreements, ISDA and GMRA Agreements)
  • the English and Luxembourg Administrators in a major international insolvency in relation to the recovery of substantial monies and assets held or due from a number of international financial institutions
  • the English and Luxembourg Administrators in a major international insolvency in relation to the recovery of substantial monies and assets held or due from a number of international financial institutions
  • the liquidators of Peloton ABS Master Fund, a Cayman hedge fund that folded in March 2008 with estimated losses in the region of $2bn.  This case involved, inter alia, advice in relation to close-out and termination under ISDA and GMRA Agreements, disputes in relation to transfers of monies through the Depository Trust Company and advice in relation to proprietary claims for the return of assets
  • the ntl group of companies in all contentious matters relating and ancillary to its $20bn Chapter 11 restructuring, including acting as Special UK Counsel in the Chapter 11 cases
  • the administrators of a major US energy provider in a multi-million dollar claim against one of the largest US investment banks arising out of balances struck on derivatives trading agreements on the company's insolvency.  The litigation involved novel questions of US law of set-off and its UK equivalent, with proceedings in the US bankruptcy courts
  • a UK telecommunications business in connection with a $10m claim by AT&T which led to a mediation in the US and winding-up proceedings in England