Elizabeth Walsh

Elizabeth is a company law specialist with extensive experience acting in shareholder disputes (such as unfair prejudice petitions under s994 CA 2006, for both petitioner and respondent), claims for breaches of directors’ duties and fiduciary duties, and partnership disputes.

She regularly advises on issues of company law, including: the removal of directors (s186 CA 2006); share buy-backs (s659 CA 2006), including from an untraceable shareholder; amendments to a company’s articles of association; applications to rectify the register (s1096 CA 2006); and applications to rectify a company’s register of members (s125 CA 2006).

Examples of recent instructions include:

• Acting for several former directors in an ongoing claim for alleged wrongful and fraudulent trading brought by the liquidators of an insolvent cryptocurrency exchange, in which the liquidators seek damages of c. USD 150 million (led by James Morgan KC and Karl Anderson).
• Acting on behalf of various individual and corporate defendants in an ongoing claim for alleged unlawful means conspiracy, inducing breach of contract, breaches of fiduciary duty, and dishonest assistance (led by Andrew de Mestre KC).
• Acting on behalf of an ADGM investment fund in an ongoing claim for alleged breaches of contract and breaches of directors’ duties under the ADGM Companies’ Regulations (led by Joseph Wigley).
• Drafting grounds of appeal in an ongoing jurisdiction challenge.
• Re Affinitas Topco Ltd (2026). Appearing at a 2-day CCMC on behalf of the company in an unfair prejudice petition valued at c. EUR 130 million (as sole counsel).
• Acting in and appearing at a 2-day UNCITRAL arbitration of a partnership dispute between former partners of a GP practice (as sole counsel).
• Acting in a DIAC arbitration concerning a partnership dispute (led by Sharif Shivji KC and Albert Sampson).
• Acting in an LCIA arbitration of an unfair prejudice petition under s994 CA 2006 (led by Alastair Tomson).
• Koza Ltd v Koza Altin Isletmeleri AS (2023). Advising on the merits of a claim relating to alleged breaches of directors’ duties as a matter of both English and Turkish company law (led by Jonathan Crow KC and David Caplan (One Essex Court)).
• Re Clearview Homes Ltd (2023). Acting in an unfair prejudice petition and cross-petition brought pursuant to s994 CA 2006 (led by Tom Gentleman).
• Re Compound Photonics Group Limited [2020] EWHC 3176 (Ch). As a pupil, Elizabeth assisted Donald Lilly (and Andreas Gledhill QC (Blackstone Chambers)) on behalf of the majority shareholders in the four-week trial of an unfair prejudice petition under s994 CA 2006.

Contentious insolvency work forms a core part of Elizabeth’s practice.

Elizabeth is frequently instructed to advise on the roles and powers of officeholders and has contributed to the upcoming editions of ‘Loose & Griffiths on Liquidators’ and ‘Mithani: Directors’ Disqualifications’. She regularly appears in related officeholder applications, whether for or against the officeholder. Examples of recent instructions in this context include:

• Acting for several former directors in an ongoing claim for alleged wrongful and fraudulent trading brought by the liquidators of an insolvent cryptocurrency exchange, in which the liquidators seek damages of c. USD 150 million (led by James Morgan KC (Radcliffe) and Karl Anderson).
• Advising the directors of an offshore company (in liquidation) as to possible claims that could be made against them by the liquidators.
• Acting for the applicant in an ongoing application for relief from an alleged transaction at an undervalue defrauding creditors (s423 IA 1986).
• SMAM Holdings Ltd v IPE Capital Ltd (2026). Advising the petitioning creditor in its challenge to the debtor company’s entry into administration.
• Singh and Smith v McNally (2025). Advising joint liquidators in the context of an adverse costs order made against them in their personal capacities following the hearing of their application under ss236 and 237 IA 1986 (inquiry into company’s dealings).
• Re Vigneswaran (2025). Appearing on behalf of the respondents at a 2-day trial of the Official Receiver’s application for relief for preferential payments (s339 IA 1986) and transactions at an undervalue (s340 IA 1986) following a declaration of bankruptcy.
• Re Jenkins (deceased) (2025). Representing the executors of a deceased’s estate in successfully setting aside a statutory demand.
• Re Exmoor Windows (2023). Drafting a successful appeal of a liquidator’s rejection of a Proof of Debt under rule 14.8 of the Insolvency (England & Wales) Rules 2016.
• Re Firstport Retirement (2022). Advising on a proposed claim in the tort of conversion against the administrators of a company.
• Secretary of State for BEIS v Geoghegan (Re Bell Pottinger LLP) [2021] EWHC 672 (Ch); [2021] C.C. 675. As a pupil, Elizabeth assisted Tiran Nersessian on behalf of the Secretary of State to successfully resist an application to strike-out disqualification proceedings. The application concerned the extent to which the Company Directors Disqualification Act 1986 (CDDA) applies to LLPs pursuant to the LLP Regulations 2001, and whether a member of an LLP has to be concerned with its ‘management’ for the CDDA to apply.
• Darty Holdings SAS v Carton-Kelly [2021] EWHC 1018 (Ch) – as a pupil, Elizabeth assisted Tiran Nersessian (led by Andreas Gledhill QC (Blackstone Chambers)) in an application to strike out a preference claim brought under s.239 Insolvency Act 1986, on the basis that the preferential payment post-dated the transaction which severed the connection between them.

Elizabeth also advises creditors and debtors in the contexts of both corporate and personal insolvency. She has extensive experience of the winding-up court, the bankruptcy court and disputed debt hearings, and is regularly instructed to draft and appear in applications to set aside statutory demands or restrain presentation or advertisement of a winding-up petition, as well as applications for validation orders (ss127 and 284 IA 1986) and rescission a winding-up order. Examples of recent instructions in this context include:

• Gas and Electricity Markets Authority v Tomato Energy (2025). Obtaining urgent declarations of corporate insolvency from the High Court in respect of an energy supply company under s123 IA 1986 and the Energy Acts 2004 and 2011 (as sole counsel, instructed by the Gas and Electricity Markets Authority via OFGEM). The High Court declaration enabled the regulator, OFGEM, to take steps to revoke the company’s energy supply licence and manage the company’s existing customer base. Elizabeth also acted as junior counsel to Lara Hassell-Hart in a string of similar Part 8 claims throughout 2021 (which arose in the context of Covid-19’s impact on energy supply companies) and which attracted significant media attention.
• SMAM Holdings Ltd v IPE Capital Ltd; SMAM Holdings Ltd v Imam (2025). Representing the petitioning creditor in related winding-up and bankruptcy proceedings in respect of a petition debt of c. £1.5 million.
• Re WeDo Ventures Ltd (2025). Acting for the successful petitioner at a one-day disputed debt hearing in the context of winding-up petition.
• Advising on a proposed solvent liquidation under a members’ voluntary liquidation (MVL).
• Advising directors on the viability and procedure for a winding-up on the just and equitable basis.
• Elizabeth also volunteers pro bono with the COIN (Company Insolvency) Scheme and the BRS (Bankruptcy Representation Service) in the Insolvency & Companies Court, providing free advice and representation to litigants-in-person.

Elizabeth’s practice has a strong focus on commercial litigation, and she is frequently instructed to provide advice, drafting and representation at all stages of commercial disputes. She has appeared in the Supreme Court (led by Jonathan Crow KC) on a point of contractual interpretation and has experience acting (both led and unled) in a wide variety of complex and high-value disputes in the Commercial Court, the Circuit Commercial Courts, the Business & Property Courts and the County Courts.

Much of Elizabeth’s commercial litigation practice also has an international element, and she is experienced in dealing with jurisdictional issues such as forum non conveniens, choice of law, the Hague Convention on Choice of Court Agreements 2005, the Rome Regulations, and the enforcement of foreign judgments.

Examples of recent instructions include:

• R v Hayes; R v Palombo [2025] UKSC 29; [2025] 1 WLR 3553. Led by Jonathan Crow KC, Elizabeth appeared in this landmark case before the Supreme Court, addressing the issue of the correct interpretation of the LIBOR/EURIBOR Codes. The case was named the ‘Most Important Global Court Case’ of 2025 by the Global Investigations Review (GIR) and received significant press coverage.
• Park v Hadi [2022] EWCA Civ 581; [2022] 4 WLR 51. Led by George Bompas QC, Elizabeth appeared in the Court of Appeal in an appeal concerning the correct procedure for relief from sanction.
• Acting (as sole counsel) in an ongoing claim against insurance brokers for alleged professional negligence and breaches of contract. Elizabeth is due to appear (unled) at the 5-day trial before the London Circuit Commercial Court in 2026.
• Acting on behalf of an ADGM investment fund in an ongoing claim for alleged breaches of contract and breaches of directors’ duties (led by Joseph Wigley).
• Acting on behalf of various individual and corporate defendants in an ongoing claim for alleged breaches of contract, inducing breach of contract, alleged unlawful means conspiracy, breaches of fiduciary duty, and dishonest assistance (led by Andrew de Mestre KC).
• Advising a technology company and drafting a letter before action in a proposed claim for breach of contract and economic duress.
• Capricorn v Openwork (2026). Appearing in an urgent application before the Commercial Court for interim injunctive relief (led by Nicholas Medcroft KC (Fountain Court)).
• Trade Credit v Rich (2025). Obtaining (as sole counsel) summary judgment in the sum of c.£700,000 in a contractual dispute involving issues of estoppel and penalty clauses.
• Acting in an urgent application before the BVI Court for a worldwide freezing injunction (led by Alex Cook KC and Gregor Hogan (Serle Court)).
• Beauty Wholesale v Chavda (2025). Appearing (unled) in a 1-day County Court trial of a claim for breach of contract.
• Appearing (as sole counsel) in successfully resisting an application for strike-out and summary judgment in a claim for breach of contract and breach of guarantee in relation to unpaid invoices.
• Appearing (as sole counsel) on behalf of Santander Bank at various trials concerning allegedly mis-sold payment protection insurance (PPI), ‘unfair’ relationships under s140 of the Consumer Credit Act 1974 (CCA), and undisclosed commission.
• Ascapia v Pilau Ltd (2021). Appearing in the High Court (as sole counsel) at the hearing of two interim applications brought by a Singaporean investment fund for claims of alleged misrepresentation and breach of contract by a UK-based start-up.
• Advising on choice of law and the Rome Regulations in respect of an oral contract.
• Advising on enforcement of foreign judgments in England, and advising on enforcement of English judgments abroad.
• Acting for the Department for Health and Social Care (DHSC), advising on merits and preparing draft Particulars of Claim for a proposed claim for breach of a PPE procurement contract (led by Nicholas Cox).
• Advising on the merits of a proposed claim under the Consumer Rights Act 2015 (CRA) and drafting a letter before action.

Elizabeth regularly deals with cases involving allegations of fraud, conspiracy, dishonesty, inducing or procuring a breach of contract and breach of fiduciary duties.

Examples of her recent instructions in this area include:

• Acting on behalf of various individual and corporate defendants in an ongoing claim for alleged unlawful means conspiracy, inducing breach of contract, breaches of fiduciary duty, and dishonest assistance (led by Andrew de Mestre KC).
• Acting in a DIAC arbitration concerning a partnership dispute (led by Sharif Shivji KC and Albert Sampson).
• Advising on Bahamian law in the context of a jurisdiction challenge to a claim brought in England & Wales for alleged conspiracy, fraudulent misrepresentation and breach of trust.

Elizabeth is called to the BVI Bar (2025) and undertakes instructions as both sole and junior counsel.

Recent offshore instructions (both in the BVI and in other jurisdictions) include:

• Acting in an urgent application before the BVI Court for a worldwide freezing injunction (led by Alex Cook KC and Gregor Hogan (Serle Court)).
• Advising on a contractual dispute in the BVI and settling particulars of claim (as sole counsel).
• Acting on behalf of a collective investment fund in proceedings before the ADGM Courts, Commercial and Civil Division (led by Joseph Wigley).
• Acting in a DIAC Arbitration concerning a partnership dispute (led by Sharif Shivji KC and Albert Sampson).
• Acting for company directors in proceedings in the Seychelles (led by James Morgan KC (Radcliffe) and Karl Anderson).
• Advising on Bahamian law in the context of a jurisdiction challenge to a claim brought in England & Wales for alleged conspiracy, fraudulent misrepresentation and breach of trust.

Elizabeth recently acted (led by Jonathan Crow KC) on behalf of Mr Palombo – a former interest rate derivatives trader at Barclays Bank and one of the successful appellants – in the landmark LIBOR/EURIBOR decision of the Supreme Court: R v Hayes; R v Palombo [2025] UKSC 29; [2025] 1 WLR 3553.

She has a broad range of experience in acting both for and against banks, cryptocurrency exchanges, investment brokers, asset managers and other firms regulated by the FCA, and has advised on and acted in proceedings under the Consumer Credit Act 1974 (CCA) and the Financial Services and Markets Act (UK & Europe) 2002 (FSMA).

Elizabeth has also delivered talks in the BVI, the DIFC and England on the rapidly developing field of cryptocurrency litigation and its intersection with established principles of insolvency law, both within these jurisdictions and across the common law world.

Some of her recent instructions include:

• R v Hayes; R v Palombo [2025] UKSC 29; [2025] 1 WLR 3553. In this landmark decision, named the ‘Most Important Global Court Case’ of 2025 by the Global Investigations Review (GIR), the Supreme Court unanimously allowed the appeals of two former city traders accused of manipulating the LIBOR and EURIBOR rates, and quashed their convictions for conspiracy to defraud. Led by Jonathan Crow KC, Tim Owen KC (Matrix), Katherine Hardcastle (Fountain Court) and Tim James Matthew (Matrix), Elizabeth appeared on behalf of Mr Palombo, one of the successful appellants. The case received significant press coverage.
• Capricorn v Openwork (2026). Acting (led by Nicholas Medcroft KC (Fountain Court)) on behalf of an FCA-Authorised Principal in an urgent application before the Commercial Court for interim injunctive relief against its Appointed Representative.
• Advising a bank on the implications of the decisions of the Court of Appeal and, subsequently, the Supreme Court in Hopcraft & Anor. v Close Brothers Limited in relation to undisclosed commissions, the tort of bribery, and ‘unfair’ relationships under the Consumer Credit Act 1974 (CCA).
• Appearing in the High Court (as sole counsel) at the hearing of two interim applications brought by a Singaporean investment fund for claims of alleged misrepresentation and breach of contract by a UK-based start-up.
• Successfully representing Santander Bank (as sole counsel) at various trials concerning allegedly mis-sold payment protection insurance (PPI), ‘unfair’ relationships under s140 of the Consumer Credit Act 1974 (CCA) and undisclosed commission.
• Drafting claim documents and letters before action on behalf of a company listed on the Main Market of the London Stock Exchange in a proposed contractual claim.
• Advising on issues of limitation particular to the repayment of unsecured overdrafts in modern banking practice.

Elizabeth has experience acting in both international and domestic arbitrations, which are, by their nature, confidential. She is familiar with the LCIA, UNCITRAL and DIAC rules.

Some of her recent work includes:

• Acting (as sole counsel) in a 2-day UNCITRAL arbitration of a partnership dispute.
• Acting in a DIAC arbitration concerning a partnership dispute (led by Sharif Shivji KC and Albert Sampson).
• Acting in an LCIA arbitration of an unfair prejudice petition under s994 CA 2006 (led by Alastair Tomson).

Elizabeth completed a secondment at the National Crime Agency (NCA) in 2022, where she worked on some of the most high-profile and high-value investigations ongoing at that time. She has subsequently gained further experience of civil recovery proceedings under the Proceeds of Crime Act 2002, and has acted in this context both for and against government bodies. Elizabeth has experience drafting applications for…

• Acting for HMRC in applications for a Disclosure Order and a Property Freezing Order (led by Alex Cook KC).
• Acting for the respondent in cash forfeiture proceedings brought by the Home Office under ss298-300 POCA 2002.
• Obtaining DOs, PFOs and AFOs whilst on secondment at the National Crime Agency.

• Called to the Bar of the BVI (2025)

• COMBAR
• ChBA
• FSLA
• IWIRC
• ConTrA

• BA (History) – Clare College, University of Cambridge
• GDL – City Law School
• BPTC – City Law School
• Astbury Scholarship; Blackstone Entrance Exhibition – Middle Temple
• Queen Mother Scholarship; Hardwicke Entrance Exhibition – Middle Temple
• Prust Prize for History – Clare College, University of Cambridge

• French (Intermediate)
• Italian (Intermediate)

• Mithani: Directors’ Disqualifications (forthcoming)
• Loose & Griffiths on Liquidation (forthcoming)
• Commercial and Insolvency Litigation in the DIFC, 4 Stone Buildings (2022)
• Litigation in the Time of Covid-19, 4 Stone Buildings (2021)
• Practical Law Corporate: Questions for Counsel (various)
• Lexis PSL Practice Notes (various)