Richard is Partner and Head of Litigation at Stuarts Humphries in the Cayman Islands with over 30 years’ experience in complex international commercial litigation and insolvency matters.
Practice Experience
Richard qualified as a solicitor in England and Wales in March 1995 and has over 30 years’ experience of complex international commercial litigation, arbitration and insolvency matters. He was admitted as an Attorney in the Cayman Islands in June 2000 and joined Stuarts Humphries in March 2005. He has consistently been recommended by the Legal 500 in respect of litigation work in the Cayman Islands. Having previously worked for over five years at Clifford Chance in London and for over two years at White & Case in London, Richard’s experience includes a wide variety of corporate, commercial and insurance disputes. These include:
- Represented the defendants in Cayman Islands proceedings brought by the Joint Official Liquidators of two funds against the funds’ former directors and various service providers for alleged dishonest breaches of directors’ duties, unlawful means conspiracy and fraud. The Liquidators claimed damages in excess of US$35 million.
- Acting in contested winding up proceedings for the company subject to the Petition (Diversified Settlements Fund [2020], Unreported).
- Acting for the First, Third and Fourth Defendants in Cayman Islands proceedings seeking the rectification of the share register of a Cayman Islands holding company (the Second Defendant). The Plaintiff also sought permission, following rectification of the share register, to bring a derivative action on behalf of the Second Defendant company against Stuarts’ clients for alleged breaches of directors’ duties and the alleged misappropriation of assets.
- Advised a Cayman Islands fund in relation to an action brought by the fund’s former shareholder. The fund had repurchased the shareholder’s shares pursuant to a power in its articles. The former shareholder challenged the repurchase and applied for an order to be reinstated to the register.
- Acting for a substantial healthcare provider in the Cayman Islands in a complex series of disputes concerning the parties’ ongoing obligations under a Share Purchase Agreement.
- Advising in substantial claims relating to alleged breach of directors duties brought by Liquidators of Cayman Islands mutual funds.
- Advising as to corporate governance issues, acting for both investment funds and investors in connection with disputes concerning redemptions, suspensions, gate provisions and with regard to fund documentation generally
- Acting for creditors in multiple winding-up proceedings; for a Cayman Islands limited partnership in winding-up proceedings for a company subject to heavily contested winding-up proceedings leading to appeals to both the Cayman Islands Court of Appeal and the Privy Council, for a group of shareholders in an action to remove a voluntary liquidator, in proceedings seeking the recognition of an English Receiver in the Cayman Islands, for directors of a BVI company resisting the recognition of a BVI liquidator in the Cayman Islands and in connection with U.S. SEC investigations including conducting negotiations with an SEC appointed receiver
- Acting in Cayman Islands proceedings concerning the effect of U.S. Chapter 11 Bankruptcy Proceedings on Cayman Islands Winding-up Proceedings
- Acting in a share valuation dispute under Section 238 of the Companies Act
- Acting in substantial professional negligence proceedings concerning attorneys’ breach of fiduciary, contractual and tortious duties of care
- Obtaining evidence for U.S. Proceedings pursuant to the Hague Convention and Letters Rogatory
- Assisting in the provision of Expert evidence as to Cayman Islands Law before the U.S. Courts
- Advising on regulatory disputes and investigations undertaken by the SEC and by the Cayman Islands Monetary Authority
- Acting in a wide variety of commercial disputes including obtaining and seeking the discharge of Mareva (freezing) Injunctions and other ancillary relief, advising as to the cross-border effect of Mareva Injunctions granted by the Cayman Islands Courts, breach of contract actions, asset-tracing matters, complex multi-jurisdictional fraud disputes, breach of fiduciary duty claims, garnishee proceedings and misrepresentation claims
- Advising and challenging the grant of Norwich Pharmacal and Bankers Trust Relief before the Grand Court in the context of Brazilian Bankruptcy Proceedings and claims over assets in excess of US$500 million
- Acting for banks in connection with compliance and regulatory matters generally, including reporting to the Cayman Islands Monetary Authority and the Financial Reporting Authority and in drafting anti money laundering policies and procedures. Richard has also advised on disputes relating to banking confidentiality
- Breach of bank mandate claims, interpleader proceedings and a range of other banking and regulatory matters
- Advising on Insurance Policy coverage issues
- Advising insurance companies in connection with membership disputes, Lloyd’s underwriters in connection with professional indemnity claims, as well as advising generally on insurance policy terms and conditions
- Advising insurers in respect of a range of claims before both the Cayman Islands Courts and in Mediation
- Obtaining Cayman Islands recognition for a foreign appointed receiver
He has appeared in both the Grand Court of the Cayman Islands and Court of Appeal in the Cayman Islands as well as acting in proceedings before the Privy Council.
Recent Cases
- Juan Enrique Rassmuss Raier v (1) Luis Eduardo Correa (2) Pacific Overseas Financial Corporation (3) Pacific Overseas Enterprises Ltd (4) Pacific Overseas Investments Ltd (Unreported), Grand Court, 9 June 2023, the Honourable Justice Doyle.
- Traded Life Policies Fund (in Official Liquidation) and Penner (as Joint Official Liquidator) v Leach and Eight Others Cayman Islands Court of Appeal [2022] 1 CILR 82).
- The Companies Law (2020 Revision) and Diversified Settlements Fund (Unreported), Grand Court, 12 October 2020, the Honourable Justice Cheryll Richards KC.
- Arnage Holdings Ltd, Brooklands Holdings Ltd, East Farthing Holdings Limited, Ms. Katia Rabello and Mr. Fernando Toledo –v- Walkers (A Firm), FSD 105 of 2014 Summary Judgment 24 July 2019
- Toby –v- Allianz Global Risks US Insurance Company, FSD 152 of 2013, Judgment 29 August 2018
- Arnage Holdings Ltd, Brooklands Holdings Ltd, East Farthing Holdings Limited, Ms. Katia Rabello and Mr. Fernando Toledo –v- Walkers (A Firm), FSD 105 of 2014 Judgment 29 July 2016
- Banks –v- Insurance Company of the West Indies (Cayman) Limited and Yee, [2016] (2) CILR 442, Court of Appeal
- Braga –v- Equity Trust Co. (Cayman) Ltd. [2011] (I) CILR 402
- Culross Global SPC Ltd –v- Strategic Turnaround Master Partnership Ltd, (the Privy Council) [2010] UKPC 33, [2010] UKPC 33, [2010] ALL ER (D) 296, Privy Council
- In the Matter of Strategic Turnaround Master Partnership Limited [2008] CILR, 447 Cayman Islands Court of Appeal
- Angel –v- Aubrecht, [2007] CILR 251, Cayman Islands Court of Appeal; and
- In the Matter of Cairnwood Global Technology Fund Limited [2007] CILR 193.
Admissions
- Attorney of the Grand Court of the Cayman Islands, 2000
- Solicitor of the Senior Courts of England and Wales, 1995 (non-practising)
Education
- Accredited Mediator, 2006
- Law Society Finals Examination, 1993
- University of Bristol, Law Degree (Hons), 1991
Professional Associations
- The Recovery and Insolvency Specialists (Cayman) Association
Recent News & Insights
Awards & Recognition (Personal)
"Richard's attention to detail is a rare quality" - Legal 500
Awards & Recognition (Department)
"Stuarts' disputes team is 'technically very strong'. Highlights included advising and challenging the grant of Norwich Pharmacal and bankers trust relief before the Grand Court." - Litigation Client Testimonial, Legal 500
"Stuarts' lawyers have savvy business judgement'. The practice acted for the estate of a high-net-worth individual and several corporate plaintiffs, in a claim for the ownership and control of funds that were the subject of a revoked trust. Richard Annette is 'very thorough in his research of contract and case law'" - Litigation Client Testimonial, Legal 500
"Stuarts Humphries is is particularly focused on commercial, insurance and insolvency disputes.” - Legal 500 Publication Recognition
The term "Partner" is a title reflecting seniority in the Stuarts group of companies, it does not imply that there is a partnership in existence.
