About
Nicola advises creditors, debtors and insolvency practitioners on a wide range of insolvency-related matters before the DIFC, ADGM and onshore UAE Courts, including advising liquidators and receivers in their capacity as such, and utilising the procedures available in the UAE Courts to support the ultimate aim of the appointment, and to facilitate recoveries for creditors. Nicola advises on the various insolvency and restructuring-related processes in the UAE, and relevant stakeholder rights and duties, and acted for the Central Bank of Bahrain in her previous firm’s capacity as External Administrator of The International Banking Corporation BSC(c) (TIBC).
Nicola also specialises in commercial and financial disputes before the DIFC Courts and in particular, freezing orders and matters relating to jurisdiction challenges. Nicola has acted on a number of high profile and/or seminal cases in this regard, including Credit Suisse v Goel, the first ever “Courts of Dubai” ‘opt-in’ case under Article 5(A)(2) of the Judicial Authority Law, and AIG v QIC and UIC v IPMR, which continue to develop the line of jurisprudence relating to jurisdiction challenges in the DIFC Courts.
Nicola has acted for both local and international clients on commercial disputes before courts and tribunals in the UAE, Bahrain, Oman and Saudi Arabia, including under various institutional rules (ICC, LCIA, GCCCAC) and ad hoc (Oman Arbitration Act). Nicola has also advised on DFSA investigations and regulatory disputes.
Experience
- Credit Suisse (Switzerland) Ltd v Goel (DIFC CFI-066-2020, CA-008-2020, CFI-083-2020, CA-002-2021): Successfully obtaining a worldwide freezing order for Credit Suisse against four personal guarantors in relation to a claim for a debt of over US$90 million owed by Gulf Petrochem FZC and its global subsidiaries and subsequently, a judgment for over US$93 million. This involved successfully defending a jurisdiction challenge and was first opt-in case under Article 5(A)(2) of the Judicial Authority Law.
- Credit Europe Bank (Dubai) Ltd v NMC Healthcare LLC, New Medical Centre Trading LLC and BR Shetty (DIFC CFI-031-2020, CFI-036-2020): Successfully obtaining a worldwide freezing order for Credit Europe against BR Shetty in relation to a claim for a debt of over US$9 million owed by NMC Healthcare LLC and its subsidiary and subsequently, a judgment for over US$9 million. This case was one of the first against BR Shetty and was dubbed ‘the one to watch’. Following judgment, successfully obtaining an Order for recognition and enforcement in the ADGM, including obtaining charging orders over shares in a number of companies domiciled in the ADGM and the subsequent appointment of a receiver.
- The International Banking Corporation (Bahrain/Saudi/France/Cayman): Acted for the Central Bank of Bahrain on the appointment of Trowers & Hamlins LLP as External Administrator of TIBC in Bahrain. This matter involved a wide range of litigation across various jurisdictions, including:
- US$1.575 billion claim brought by TIBC against Ahmad Hamad Algosaibi & Brothers (AHAB) in the Bahrain Chamber for Dispute Resolution (BCDR) for the recovery of loan monies advanced by TIBC to Saudi Arabian borrowers through AHAB’s Money Exchange Branch;
- enforcement of the US$1.575 billion BCDR judgment before The Joint Directorate of Enforcement at the General Court in Al Khobar (JDEK);
- US$223.5 million claim brought by TIBC against AHAB in the BCDR involving the utilisation of a special purpose vehicle incorporated in The Cayman Islands;
- US$730 million claim brought by TIBC against AHAB in the SAMA Committee in Saudi Arabia for the recovery of funds due as a result of failed FX trades;
- US$428 million claim against AHAB in relation to shares held in companies listed on the Saudi Arabian stock exchange;
- US$1.1 billion claim brought by AHAB in the General Court in Al Khobar;
- a claim brought by Banque BIA in the Commercial Court and Court of Appeal in Paris; and
- an application for disclosure filed with the Court of Grand Cayman in the AHAB / Saad litigation.
- MAD Atelier International B.V. v Axel Manes and Catherine Zhilla (DIFC CFI-030-2022): Advising a DIFC Court-appointed receiver on various contentious matters encountered during his appointment, including claims for payments, commercial settlements and making an application to the DIFC Courts for directions regarding distribution.
- Confidential matter (DIFC): Successfully obtaining a document production order for an English liquidator against a third party in the DIFC Courts pursuant to Norwich Pharmacal / Bankers Trust principles and subsequently enforcing the order against the respondent in onshore Dubai.
- American International Group UK Limited, Markel Syndicate Management Limited, Talbot Underwriting Limited and Berkshire Hathaway International Insurance Ltd v Qatar Insurance Company Limited (DIFC CFI-003-2022): Successfully defending a jurisdiction challenge under Article 5(A)(1) of the Judicial Authority Law and acting on a claim for declaratory relief.
- Union Insurance Company PJSC vs International Precious Metals Refiners LLC (DIFC CFI-064-2022): Successfully defending a jurisdiction challenge under Article 5(A)(2) of the Judicial Authority Law and acting on a claim for declaratory relief.
