Stephen Davies QC

Year of Call 1983
Year of Silk 2000

General Profile

Stephen advises and acts for various stakeholders in litigation relating to all forms of the law and practice of insolvency, in respect of which he has appeared in over 100 reported cases. He has advised in relation to many high-profile insolvencies, including Lehmans, Madoff, AIB, Rangers FC, Carillion, Shlosberg, Maud, Asil Nadir and Wind Hellas. In addition to addressing new problems and issues still arising out of the global credit crunch, he continues to specialise in failed PFI/PPP projects, cross-border issues, sports insolvencies and clawback claims.  He has appeared in the majority of reported cases concerning "fairness" in directors' disqualification litigation and is one of the most experienced barristers in the UK appearing in directors' disqualification trials, having been a contributor to Mithani on Directors' Disqualification (Butterworths).


Stephen co-founded in 1996 and co-edited the Bankruptcy and Personal Insolvency Reports, of which he remains a consultant editor. He was managing editor of and contributor to a book on Part X of the Enterprise Act 2002 and has co-written various other books and articles on insolvency. From March 2009 to March 2010, Stephen was the President of the Insolvency Lawyers' Association.


During 2013 and 2014 Stephen was lead counsel acting for Graiseley Properties Limited in its test case in the Commercial Court (Mr Justice Flaux) against Barclays Bank plc alleging that the bank's admitted manipulation of LIBOR submissions and also its knowledge of dishonest LIBOR submissions were grounds for rescinding swap transactions which used LIBOR as their reference rate. The case involved disclosure of c200,000 documents relating to Barclays' LIBOR submissions during the period of its admitted manipulations. After a series of contested case management conferences and a pre-trial review, the litigation settled shortly before trial in late April 2014.  Thereafter he has been instructed in numerous similar cases, in all of which a settlement has been achieved, including Criterion, Wall, Holgate, Rhino and Wingate.





  • Hellard & Anor v Graiseley Investments Ltd & Ors [2018] EWHC 2664 (Ch) – Whether accounting journal entries constituted/evidenced a transaction at an undervalue and whether a witness statement of the applicant liquidator had any evidential status at trial
  • Secretary of State for Business etc v Walsh; Re NRG2 Limited [2018] EWHC 2160 (Ch) – Whether directors who conducted an informal liquidation without making adequate provision for all creditors were guilty of conduct which made them unfit to be a director of a company
  • Hosking & Anor v Apax Partners LLP & Ors [2018] EWHC 2732 (Ch) – Whether an assessment of costs on the indemnity basis should be directed after discontinuance at trial of a claim under s.423 of the Insolvency Act 1986
  • Zinc Hotels (Investment) Ltd & Anor v Beveridge & Ors [2018] EWHC 1936 (Ch) – Whether the court has power to appoint additional administrators pending trial of an application to remove the existing administrators


  • Davey v Money & Anor [2018] EWHC 766 (Ch) – Whether administrators or their appointing bank breached duties owed to the company’s creditor, shareholder and guarantor by selling a development property in London’s Canary Wharf at an undervalue.
  • Re Hellas Telecommunications (Luxembourg) II SCA [2017] EWHC 3465 (Ch) – Whether and if so and to what extent claimant liquidators should be directed to identify their funders and other related information and, if so, on what terms.
  • Ventra Investments Ltd v Bank of Scotland Plc [2017] EWHC 199 (Comm) – Whether and to what extent a corporate customer should be permitted to plead that its bankers were responsible for artificially distressing it.
  • Henry v Horton [2017] 1 WLR 391 (C.A.) - Whether the right of a bankrupt to exercise rights to draw down lump sum or other payments from his pension could be brought into account on an application for an income payments order.
  • Baker v LSREF III Wight Ltd - [2016] All ER (D) 254 (Feb) – Whether director guarantors of their company’s debt to its bankers could resist bankruptcy proceedings on the grounds that the bank had entered a joint venture with the company and breached duties owed to the company in that capacity
  • In the matter of Glenn Maud (in Bankruptcy) [2015] EWHC 2220 & 3681 (Ch); [2016] BPIR 227 & 803 - Whether and, if so, to what extent, the UK bankruptcy court should allow a bidding process within a court-supervised liquidation plan in Spain to influence UK bankruptcy proceedings.
  • Wall v Royal Bank of Scotland Plc [2017] 4 WLR 2 -  Whether the court had power to direct a claimant to disclose the existence/identity of any litigation funder, including whether CPR 25.14 was engaged for the purpose of enabling the defendant to apply for security for costs against the funder.
  • Hosking v APAX Partners LLP [2016] EWHC 1986 (Ch) - Whether there should be a case management stay of English insolvency proceedings pending determination of proceedings relating to the same subject matter in New York.
  • Hellas Telecommunications (Luxembourg) II SCA, Joint Liquidators of v Slaughter and May (a firm) [2016] Bus LR 1219 (C.A.)  - Whether liquidators could assess bills of solicitors employed by administrators and whether administrators had the power to agree such bills after they had ceased to be in office.
  • Re Angel Group Ltd [2015] EWHC 3624 (Ch); [2016] BPIR 260 - Whether and, if so, when administrators should be discharged and the terms and manner in which liquidators should be permitted to separate their functions between themselves to address conflicts of interest.
  • Davey v Croxen & Others [2015] EWHC 2372 (Ch) - Application to remove joint administrators of a group of companies on grounds of conflicts or duty and interest and the management of such conflicts.
  • Stevensdrake v Hunt [[2015] EWHC 1527 (Ch) [2015] 4 Costs LR 639; [2015] BPIR 1462; [2015] PNLR 31 - Whether a conditional fee agreement provided that a company liquidator was personally liable for fees due in respect of work carried out on behalf of the company or whether liability was not dependent on receipt of sums recovered.
  • The Co-Operative Bank Plc v Phillips [2014] EWHC 2862 (Ch); [2014] 5 Costs LR 830; [2014] BPIR 1430; [2015] 1 P & CR DG7 - Whether a mortgagee who had discontinued possession proceedings (i) could set off its liability for the mortgagor's costs of the proceedings against sums owed to it by the mortgagor; (ii) could add its own costs or its liability for adverse costs to the mortgage; and (iii) should be liable for costs on the indemnity basis by reference to its purpose in bringing the proceedings.
  • R (on the application of Peter Roy Hollis) v Association of Chartered Certified Accountants) [2014] EWHC 2572 (Admin); [2014] BPIR 1317 - Whether findings in previous High Court proceedings should stand as prima facie evidence against an insolvency practitioner in subsequent professional disciplinary proceedings in circumstances where the insolvency practitioner had not attended the previous earing and claimed to have had no notice that his conduct would be in issue.
  • SRJ v D&Co [2014] EWHC 2293 (QB) (Sir David Eady) - Whether solicitors should be ordered to disclose the identity of their client in aid of execution of a default judgment for delivery up of confidential information obtained by a litigation counter-party..
  • Re Wind Hellas Telecommunications (Luxembourg) II SCA; Hosking v Slaughter & May (a firm) [2014] EWHC 1390 (Ch) - A dispute about the ability of a liquidator to have assessed by the court the legal fees incurred and paid by administrators as predecessor office-holders, raising issues as to the construction of the Insolvency Rules and the extent of the inherent jurisdiction of the court over an insolvent estate.
  • In the matter of TPL Holdings Limited, sub nom Hurd v TPL Holdings Limited Companies court (A G Bompas QC) 25 March 2014 - Whether an unfair prejudice and just and equitable winding-up petition should be struck out where the primary conduct complained of had been remedied.
  • In the Matter of Hotel Company 42 The Calls Ltd, sub nom Whitfield v Al Jaber [2013] EWHC 3925 (Ch); [2014] BCC 13 - The nature and effect of the statutory charge on assets to secure payment of administrators' remuneration and expenses and whether the administrators should be permitted to execute a debenture in their favour over the assets of the company.
  • Simon Carves Limited (in liquidation); Carillion Construction Ltd v Hussain & Hunt [2013] EWHC 685 (Ch); [2013] 2 BCLC 100 - Whether a creditor of a subsidiary company should have permission to commence proceedings to allege that a withdrawal of a letter of support given by its parent company to the board of the subsidiary constituted a transaction defrauding creditors within the meaning of s.423 of the insolvency act 1986.
  • Wright Hassall LLP v Morris [2012] EWCA Civ 1472; [2012] BPIR 1310; [2013] BCC 192 - Whether an administrator against whom summary judgment had been entered to pay legal costs under CFA agreements into which he entered as administrator of 2 companies was personally liable under the judgment in the event of insufficiency of assets in the insolvent estates to pay expenses.
  • Williams v Taylor [2012] EWCA Civ 1443; [2013] BPIR 133 - A dispute as to whether a transaction had been entered into for the statutory purpose under section 423 of the insolvency act 1986 (transactions defrauding creditors).
  • The Commissioners for Her Majesty's Revenue & Customs v Rochdale Drinks Distributors Limited [2012] 1 BCLC 748 (CA) - Guidance from the Court of Appeal as to the test and relevant criteria required to satisfy the court that it is appropriate to appoint a provisional liquidator over a company at the outset of winding up proceedings.
  • Brook v Reed [2012] 1 WLR 419; [2012] 1 BCLC 379 (C.A.) - The first case to reach the Court of Appeal on the principles applicable when assessing the remuneration of insolvency office-holders and general guidance given on the practice statement (Ch D: fixing and approval of remuneration of appointees) [2004] BCC 912.
  • Anglo Irish Bank Corp Ltd v Flannery [2012] EWHC 4090 (Ch); [2013] BPIR 165 - Whether a petitioning bank had made out an arguable case that the statutory preconditions for presenting a bankruptcy petition in section 265(1)(c)(iii) of the insolvency act 1986 had been satisfied.
  • Revenue & Customs v Cozens [2012] STC 420; [2012] Lloyd's Rep FC 86 (Floyd J) - Excise duty inward diversion fraud. In considering whether to continue a world-wide freezing order, the circumstances in which the court will infer a risk of dissipation from underlying allegations of fraud where there is limited solid evidence that the defendant has assets.
  • Secretary of State for Business, Innovation and Skills v Chohan and others [2011] EWHC 1350 (Ch) (David Richards J); [2012] 1 BCLC 138 - CDDA. Whether the Claimant in director disqualification proceedings should be required to clarify allegations relating to a defendant's involvement in an unauthorised collective investment scheme which the Claimant alleged was unlawful pursuant to the Financial Services Act.
  • Polymer Vision R & D Ltd v Van Dooren [2011] EWHC 2951 (Comm) - Whether the Judgments Regulation or the Insolvency Regulation applied to a claim for damages issued in the English court against a Dutch bankruptcy trustee and whether the English court was forum non conveniens.
  • Kimberly Scott Services Ltd; Beattie v Smailes [2011] EWHC 1563 (Ch) (Norris J); [2012] BCC 205; [2012] BPIR 135 - Whether it was appropriate to remove liquidators from their appointment as liquidators to one of two associated companies due to an alleged conflict of duties owed to each of those companies.
  • Stoneham v Ramrattan [2011] EWCA Civ 119 [2011] 1 WLR 1617 - Acting for a trustee in bankruptcy in a second appeal concerning the meaning and effect of the “use it or lose it” provisions in s.283A of the Insolvency Act 1986.
  • Roberts v Frohlich [2011] EWHC 257 (Ch); [2011] 2 BCLC 625 - Acting for a liquidator in a wrongful trading and misfeasance trial involving a failed property development.
  • In the matter of Energy Holdings No3 Ltd [2010] EWHC 788 (Ch); [2011] 1 BCLC 84 - Whether English office-holders should await the outcome of foreign proceedings before adjudicating upon a proof of debt.
  • Lewis v Metropolitan Property Realisations Ltd [2010] Ch 148 (C.A) - Acting for a bankrupt and his wife seeking to have their matrimonial home re-vested in them in a test case about the operation of the “use it or lose it” rule.
  • Mond v MBNA Europe Bank Ltd [2010] EWHC 1710 (Ch); [2010] BPIR 1167; [2011] Bus LR 513 - IVA Providers' claim to determine the meaning and effect of the IVA Protocol, raising issues of justiciability and the question whether institutional creditors were bound to vote in favour of protocol-compliant IVAs in certain circumstances.
  • Equitas Ltd v Horace Holman Ltd and Company [2009] 1 BCLC 662 (Andrew Smith J) - An application for a non-party costs order against a director of a company sued by Equitas during an informal insolvency insurance run-off.
  • In the matter of the Estate of Rene Rivkin (Deceased) [2009] Bus LR 500 - Application for disclosure by trustee opposed on grounds of breach of Art 8 of ECHR.
  • French v Barcham [2009] 1 All ER 145 - Whether the ability of a trustee in bankruptcy to claim occupation rent based on equitable principles survived the passing of the Trusts of Land and Appointment of Trustees Act 1996 and the decision of the HL in Stack v Dowden .
  • Energy Holdings (No 3) (in liquidation), (1) James Robert Tucker (2) Jeremy Spratt v Gold Fields Mining LLC [2009] EWCA Civ 173 - Construction of a time-bar clause in a CVA.
  • Energy Holdings (No.3) (in liquidation), Gold Fields Mining LLC v (1) James Robert Tucker (2) Jeremy Spratt [2008] BPIR 1473 - Construction of a time-bar clause in a CVA.
  • Official Receiver v Watson [2008] EWHC 64 (Ch); LTL 4/2/2008 - CDDA - Culpability of director for collapse of The Accident Group; corporate governance issues; competence of finance director; unlawful dividends.
  • Re Football Association Rule K Arbitration; Leeds United 2007 Ltd v The Football League Ltd [2008] BCC 701 - An arbitration arising out of the football creditors rule as it affected Leeds United FC and the ability of the Football League to impose a 15 playing points deduction by reference to the football creditors rule.
  • Walker v Mark Holt [2007] EWHC 3324 (Ch);[2008] BCC 458 - Fraudulent trading claim alleging accountants party to the carrying on of client's business for fraudulent purpose.
  • Avis v Turner [2007] EWCA Civ 748; The Times, August 22 2007 [2008] 2 WLR 1; [2007] 4 AII ER 1103 - Whether a trustee in bankruptcy was prevented from applying for possession and sale of the matrimonial home prior to the happening of any of the events stipulated in a pre-bankruptcy order of the divorce court postponing sale.
  • Hawkes v Cuddy & Others [2007] EWHC 1935 (Ch) sub nom. Re Neath Rugby Limited; The Times, August 14 2007 [2007] BCC 271; [2008] 1BCLC 527 - Concerning the nature and effect of the provisions restricting the use of company names in sections 216 and 217 of the Insolvency Act 1986 and the ability of a petitioner to found a petition under section 459 of the Companies Act 1985 based on breaches of section 216.
  • Wilson v Whitehouse [2006] EWCA Civ 1688 (CA); [2007] BCC 595; [2007] BPIR 230 - Assignment of causes of action for misfeasance - bidding competition - interests of expense creditors - relevance of public interest in not to stifling misfeasance claims. Appeal by shareholder and disappointed bidder against assignment of cause of action to director dismissed.
  • Governor and the Company of the Bank of Scotland v Neath Port Talbot County Borough Council [2006] 2276 EWHC (Ch); [2008] BCC 376; David Richards J - Application by local authority to sell PFI assets pending trial of a claim by the funder of a failed PFI project of a right to remove and sell them notwithstanding a PFI vesting clause on contractor default.
  • Hill (as trustee in bankruptcy of Nurkowski) v Spread Trustee Company Ltd [2006] EWCA Civ 542; [2007] Bus LR 1213; [2007] 1 All ER 1106; [2006] BCC 646; [2006] BPIR 789 - Nature and extent of court's jurisdiction to strike down transactions defrauding creditors and limitation period within which to do so.
  • Neville (as administrator of Unigreg Ltd) v Krikorian [2006] EWCA Civ 943; The Times, July 21, 2006; Independent, July 11; [2006] BCC 937, 2006 - Circumstances in which directors may be jointly and severally liable for unlawful loans made by each other to their company.
  • Re Buildlead; Quickson (South and West) Limited v Katz [2004] EWHC 2443 (Ch), 24 August 2004 (Etherton J); [2006] 1 BCLC 9; [2005] BCC 138; [2004] BPIR 1139 - Whether fixed or floating charge over credit balances; Whether cause shown for removal of liquidators.
  • Secretary of State for Trade & Industry v Cockayne and Dixon HHJ Norris QC 11 April 2005 LTL 23/11/2005 AC0109494 - Amendment to a rule 3 statement in support of directors' disqualification proceedings ought to be allowed so as to bring the real issues before the court if that could be achieved without substantial prejudice to the defendant - however, such amendment would only be allowed subject to a sanction in costs including an interim award of costs of £50,000 to the Defendants.
  • Reid v Ramlort (No 2) [2005] BCLC 331 - Whether declaration of trust of life policy a transaction at an undervalue.
  • Sisu Capital Fund Limited v Tucker & Others; Re Energy Holdings (No 3) Limited [2005] EWHC 2170 (Ch) Warren J. 9 September 2005; [2006] BCC 463; [2006] BPIR 154 - Whether unfair prejudice or material irregularities affecting CVAs, conflicts of interest affecting office-holders in group insolvency.
  • Sisu Capital Fund Limited v Tucker and others; Re Energy Holdings (No 3) Limited (No. 2) [2005]EWHC 2321 (Ch) Warren J. 28 September 2005; The Times, November 4 2005; [2006] 1 All ER - Whether time costs and remuneration of insolvency practitioner as officeholder were recoverable as litigation costs
  • Mond v ACCA [2005] EWCA 1414 (Admin) 28 July 2005; [2006] BPIR 94 - Judicial review of disciplinary proceedings against licensed insolvency practitioner, whether fair process.
  • MHMH Ltd v Carwood Barker Holdings PLC [2004] EWHC 3174 (Ch); [2006] 1 BCLC 279; [2005] BCC 536 - Effect of insolvency clause, whether to appoint provisional liquidator, length of proposed provisional liquidation.
  • Secretary of State for Trade & Industry v Swan and others (No. 2) [2005] EWHC 603 (Ch), [2005] BCC 596, 12 April 2005 - Class 1 transaction, extent of duties of CEO to ensure compliance with Listing Rules; whether CEO ought to have discovered cheque kiting, duties of non-executive director to investigate alleged whistleblower complaints.
  • Hill v Spread Trustee Company Ltd, Re Nurkowski [2005] EWHC 336 (Ch), 11 February 2005; [2005] BPIR 845 - Nature and extent of court's jurisdiction to strike down transactions defrauding creditors and limitation period within which to do so.
  • Secretary of State for Trade & Industry v Gill & Ors [2004] EWHC 933 (Ch. D.) (Manchester) 30 April 2004; [2006] BCC 725 - Test case on customer deposits. Application by SoS for directors' disqualification order alleging unfitness in that the directors had continued trading without taking adequate steps to protect deposits of cash paying customers of World of Leather furniture business. Directors continued trading with reasonable prospect of achieving a corporate solution and thereby avoiding insolvent liquidation and with the benefit of professional advice. Application dismissed.
  • Secretary of State for Trade & Industry v Gill & Ors [2005] BCC 24 - The defendant directors to disqualification proceedings were entitled to have the case against them at trial strictly limited to the complaint as clarified in a letter from the Secretary of State.
  • Inland Revenue Commissioners v The Wimbledon Football Club Ltd [2004] BCC 638, [2005] 1 BCLC 66 - Operation of the "football creditors" rule, whether Wimbledon's CVA was unlawful.
  • In re Unigreg Ltd (in administration) [2005] BPIR 220 (ChD) - Repatriation of intellectual property rights transferred by insolvent English company to nominee companies.
  • In re Buildlead Ltd (No 2) [2006] 1 BCLC 9; [2005] BCC 138 - Removal of joint liquidators - appropriate test - construction of debenture - fixed or floating charge.
  • Re Imperial Board Products Ltd; Official Receiver v Jones, [2004] EWHC 2096 (Ch) - Whether directors' disqualification proceedings justifiable.
  • Secretary of State for Trade & Industry v Frid (HL) 13 May 2004; [2004] BCC 525 - Nature and extent of insolvency set off.
  • Exeter City AFC Ltd v Football Conference & Anor [2004] 1 WLR 2910, [2004] 4 All ER 1179, [2004] BCC 498, [2005] 1 BCLC 238 - The Court declined to stay a s459 petition for arbitration on the grounds that the court was the proper tribunal to decide the petition and related issues.
  • In re Finelist Ltd [2004] BCC 877 - CDDA - correct procedure where the evidence in the affirmation did not support the gravity of the allegations. Pre-issue conduct of Secretary of State, duty of fairness and failure to interview director.
  • Inland Revenue Commissioners v Exeter City AFC Ltd (HC) LTR 12 May 2004 [2004] BCC 519 - Whether the Inland Revenue should disclose documents relating to its conduct in other football insolvencies.
  • Re Uno plc and World of Leather plc (HC) [2004] EWHC 933, [2006] BCC 725 - Test case on taking consumer deposits whilst insolvent.
  • Mulkerrins v PricewaterhouseCoopers (HL) [2003] 1 WLR 1937, [2003] 4 All ER 1, [2004] PNLR 69 - Whether a bankrupt could pursue a claim for professional negligence.
  • In re Buildlead Ltd (No 1) [2003] 4 All ER 864, [2004] 1 BCLC 83 - Whether the liquidators were entitled to security for costs on an application to remove them from their posts under s108
  • Re Industrial Services Group Ltd (No 2) [2003] BPIR 597 - Whether expert evidence of best practice admissible on application to remove liquidator.
  • Re Industrial Services Group Ltd (No 1) [2003] BPIR 392 - Misfeasance, fraudulent trading, freezing order, calculation of limit.
  • Re Far East Abrasives Ltd [2003] BPIR 375 - Administration petition - whether purpose of more advantageous realisation of the company's assets likely to be achieved.
  • County Bookshops Ltd v Grove [2003] 1 BCLC 479, [2002] BPIR 772 - Approach to construction of CVAs and meaning of "contingent creditor".
  • Secretary of State for Trade and Industry v Lewis [2003] BCC 611 - Whether trading whilst insolvent and non-payment of Crown Debts amounted to unfit conduct of directors.
  • Walker v W A Personnel Ltd [2002] BPIR 621 - Transaction at an undervalue - whether monetary compensation appropriate - grant of injunction and appointment of receiver pending speedy trial.
  • Strongmaster Ltd v Stephen Kaye [2002] BPIR 1259 - Individual Voluntary Arrangement - fixed duration - effect of failure to extend within the fixed period.
  • Re Carter Commercial Developments Ltd [2002] BCC 803 (ChD) - Administration - whether solicitors should be given leave to retain title deeds of a client company in administration.
  • Re Gunningham [2002] BPIR 302 - Effect of non-compliance with Insolvency Rules and Practice Direction.
  • Re Pantmaenog Timber Co Limited [2002] 2 WLR 20; [2001] 2 BCLC 555 - Ability of the Official Receiver to use s236 in aid of pending disqualification proceedings.
  • Cork v Rawlins [2001] EWCA Civ 197; [2001] Ch 729; [2001] 3 WLR 300; [2001] BPIR 222 (CA) - Whether proceeds of insurance policy payable upon permanent disablement of bankrupt vest in trustee in bankruptcy.
  • Swift v Dairywise Farms Ltd [2001] 1 BCLC 672 (CA), (2001) 3 EGLR 101 - Whether milk quota held on trust for liquidators.
  • Gopee v Beat [2001] BPIR 258 - Bankruptcy - Grepe v Loam order.
  • Hunt v Peasegood [2001] BPIR 76; Times 25 October 2000 (CA) - Circumstances in which CA will set aside permission to appeal and ability of bankruptcy to litigate.
  • Phoenix International Life Science Inc v Rilett [2001] BCC 115 - Whether administrative receivers personally liable for alleged misrepresentations.
  • Hill v Alex Lawrie Factors [2000] BPIR 1038 - Validity of specific assignment of individual's book debts following void general assignment.
  • Purnell v Chorlton [2000] BCC 876 - Liquidator's application for summary judgment on misfeasance claim.
  • Re Rhondda Waste Disposal Company Ltd [2001] Ch 57; [2003] 3 WLR 1304; [2000] BCC 653 (CA) - Whether Environment Agency needed leave / consent to commence criminal proceedings.
  • A&J Fabrications (Batley) Ltd v Grant Thornton The Times August 5 1999; [1999] BCC 807; [1999] PNLR 811; [2000] BPIR 1 - Whether liquidator's solicitor owed duty of care to funding creditor.
  • Dora v Simper [2000] 2 BCLC 561; [1999] BCC 836 - Class nature of s423 proceedings.
  • Bawejem Ltd v MC Fabrications Ltd [1999] 1 BCLC 174; [1999] BCC 157 - Effect on debenture holder of contractual prohibition against assignment.
  • Rilett v Greet [1999] BPIR 132 - Bankruptcy - approach of court to bankrupt's appeal out of time.
  • Re Bielecki [1999] 1 All ER 628; [1998] BPIR 655 - IVAs - whether unfair prejudice against creditor with insured claim.
  • Re SIG Security Services Ltd [1998] BCC 978 - Directors' disqualification - principles applicable to Carecraft procedure.
  • Western Intelligence Ltd v KDO Label Printing Machines Ltd [1998] BCC 472 - Whether bank had released assets from its security.
  • Smith v Lock [1998] BPIR 786 - Bankruptcy - whether estoppel against trustee in bankruptcy.
  • Re South West Car Sales Ltd [1998] BCC 163 - CVL - whether liquidator accountable.
  • Re Keenan [1998] BPIR 205 - IVAs - failure and petition by supervisor.
  • Secretary of State for Trade & Industry v Tjolle [1998] BC 282 - Directors' disqualification - de factor directors.
  • Secretary of State for Trade & Industry v Martin [1998] BCC 184 - Directors' disqualification - principles for striking out.
  • Re Sweatfield Ltd [1997] BCC 744 - CVAs - whether material irregularity.
  • Secretary of State for Trade & Industry v Blake [1997] BCLC 728 - Directors' disqualification - indemnity costs against Secretary of State.
  • Mallett v Real Meat Producers Ltd [1997] BCC 537 - Extent of bank's duty to account as constructive trustee.
  • Secretary of State for Trade & Industry v Ivens [1997] 2 BCLC 334; [1997] BCC 396 - Directors' disqualification - meaning of s6 (1) (b).
  • TSB Bank v Platts (No. 2) [1997] BPIR 302; [1998] 2 BCLC 1; [1998] BPIR 284 (CA) - Effect of cross-claim on bankruptcy petition debt.
  • TSB Bank Plc v Platts [1997] BPIR 151 - Bankruptcy and restitution - accountability for profits.
  • In Re Saunders (A Bankrupt) [1997] Ch 60; [1996] 3 WLR 473; [1997] All ER 1012; [1997] BCC 83 - Retrospective leave to commence proceedings against bankrupt.
  • Secretary of State for Trade and Industry v Hickling [1996] BCC 678 - Directors' disqualification - principles of fairness.
  • Re New Technology Systems Ltd [1996] BCC 694 - Directors' disqualification - strike out.
  • Re The Real Meat Company [1996] BCC 254 - Receivers, overreaching and constructive trusts.
  • Re Rae [1995] BCC 102 - Whether bankrupt entitled to fishing licence.
  • Re Hitco 2000 Ltd [1995] 2 BCLC 63; [1995] BCC 161 - Directors' disqualification - appeals.
  • Huish v Ellis [1995] BCC 462 - Striking out proceedings against receivers.
  • Barclays Bank v Eustice [1995] 1 WLR 1238; [1995] 2 BCLC 630; [1995] BCC 978 (CA) - Transactions at an undervalue and legal professional privilege.
  • Clarkson v Clarkson [1994] BCC 921 (CA) - Bankrupt trustees exercising power of appointment under a trust.
  • In re Devon and Somerset Farmers Ltd [1994] Ch 57; [1993] WLR 866; [1994] 1 All ER 717; [1994] BCLC 99; [1993] BCC 410 - Whether receivers were administrative receivers.
  • Re David Meek (Plant) Ltd 1994 1BCLC 680 1993 BCC175 - Administration Order-whether leave to possess plant required.
  • Zemco v Jerrom-Pugh [1993] BCC 275 (CA) - Set off and misfeasance.
  • In re a Debtor (No 51-SD-1991) [1992] 1 WLR 1294 - Statutory demand in foreign currency.
  • Re DKG Contractors [1990] BCC 903 - Wrongful trading, misfeasance and preference claim.







Restructuring / Insolvency


A standout silk who has published widely on insolvency law and practice. In addition to corporate and personal insolvency, he has a particular expertise in asset recovery and directors' liability. He has extensive experience assisting trustees in bankruptcy and private individuals with complex, high-value claims surrounding personal insolvency.


Strengths: "Stephen has an extremely strong reputation born of decades' worth of strong work ethic." "He is fiercely bright and tenacious."


Banking & Finance

A highly regarded QC whose banking practice is informed by his specialism in restructuring and insolvency. He has additional expertise in relation to allegations of the manipulation of financial benchmarks, and has appeared in high-profile cases concerning fraudulent Libor manipulation.

Strengths: "He has acted in some of the most high-profile banking cases in recent years and his star is definitely rising." "He is immensely knowledgeable and experienced."  


Recent work: Acted in Leicester Square and Criterion Property v Barclays in a claim brought against Barclays for rates swaps mis-selling and Libor manipulations.


LEGAL 500 2017


Commercial, Banking, Insolvency & Chancery Law


Leading silks

A very strong, passionate and fearless advocate.’




Restructuring / Insolvency

A standout silk who has also published widely on insolvency law and practice. In addition to corporate and personal insolvency, he has a particular niche in asset recovery and directors' liability. He has also been noted for his recent work advising on the restructuring of solicitors' firms.


Strengths: "He never ceases to amaze me with his commercial awareness, lateral thinking and approachability. He is a joy to work with and intellectually fantastic." "He is fierce and incredibly hands-on. It is very reassuring when you have him on a case."


Banking & Finance

A highly regarded QC whose banking practice is often informed by his specialism in restructuring and insolvency. He has additional expertise in relation to allegations of the manipulation of financial benchmarks.


Strengths: "A fearless advocate, who is very passionate, remarkably hard-working, diligent, creative and client-friendly counsel." "Very helpful, very thorough, and very confident in the stances he takes."


Commercial Dispute Resolution 

A perfect choice for banking and insolvency disputes. Sources commend his lenghty experience practising litigation and reveal his impressive reputation in the market. His expertise includes misrepresentation, breach of duty and Libor manipulation.


Strengths: "I'm a huge fan of his, I've seen him do a lot of advocacy and he is very good. He is prepared to take point and push it even if he doesn't personally agree. A fearless advocate of the Bar is hard to find, and he is one of them - very passionate and remarkably hard-working, diligent, creative, gets stuck in and is hands-on." "A fantastic practitioner, a bit of a rottweiler, a good litigator and a top man."


LEGAL 500 2016


Commercial, Banking, Insolvency & Chancery Law


Leading silks


'A problem solver, who is hardworking and extremely approachable.'




Restructuring / Insolvency


A specialist insolvency silk with a vast amount of experience in the field. He is regularly instructed in high-profile cases and is an authority on directors' disqualification.


Strengths: "It's pretty well accepted that he's the leading insolvency counsel outside of London; he is an outstanding silk, no superlative is good enough."


Banking & Finance

An insolvency specialist, Stephen Davies QC deals with all types of related financial disputes as well and has recently been involved in some of the biggest Libor manipulation and mis-selling cases of the past decade.


Strengths: "Technically excellent. Extremely experienced and very highly regarded. A pleasure to work with."


Commercial Dispute Resolution 

A commercial practitioner with an impressive reputation for insolvency litigation. He is also noted for his expertise in banking, contractual and corporate disputes. 

Strengths: "He is technically excellent. Extremely experienced and very highly regarded. He is a pleasure to work with."


LEGAL 500 2015


Commercial, Banking & insolvency


Leading silks


'Calm, attentive, responsive and knowledgeable.'




Restructuring / Insolvency

Widely recognised as the circuit's leading insolvency silk, he is especially highlighted for his expertise in handling directors' disqualification proceedings. His courtroom presence and team approach to cases are frequently highlighted.

Expertise: "He is a phenomenal counsel – an aggressive advocate, yet extremely affable." "He is a tenacious advocate, and a robust cross-examiner."


Commercial Dispute Resolution 

An insolvency specialist with a strong track record in high-profile insolvencies. He specialises in failed PFI/PPP projects, sports insolvencies, cross-border issues and clawback claims.


Expertise: "One of the joys of working with him is you're part of the team: he pulls you in and gets you involved, and it's a delight."




Restructuring / Insolvency

Leads the set and has a wealth of experience in insolvency cases, including high-profile corporate and personal insolvency matters and directors' disqualification litigation. He continues to be the leading insolvency barrister in the region.

Expertise: "When he says he will do something, he does it. He is hugely approachable, with a first-class brain." "Working with him is an absolute pleasure."


Commercial Dispute Resolution

Has a broad commercial practice encompassing insolvency and company law disputes. He is frequently instructed in high-profile cases and has considerable expertise in litigation with a cross-border element.


Expertise: "His knowledge of the law seems quite incredible and he is very impressive on his feet. I wouldn't want to see him on the other side - if he was, I would start to worry." "He is an excellent lawyer who has a laser-like vision for his clients' aims and objectives."



Privacy notice

Stephen collects, uses and is responsible for your personal information collected during the course of providing legal services as a barrister. He is the data controller in respect of this information for the purposes of the Data Protection Act 2018 and the General Data Protection Regulation.

The members of Enterprise Chambers have a privacy policy which sets out what information they obtain about you, why and how they use it.  This policy also sets out your rights.  Members also have a data retention policy which sets out how long they keep information for and why.

You can download copies of these policies here: (1) privacy policy (2) data retention policy .  Hard copies are available on request by contacting any branch of Enterprise Chambers.