Tim Prudhoe photo
Tim Prudhoe
Of Counsel
British Virgin Islands
Commerce House, Waterfront Drive
Road Town, Tortola VG 1110
British Virgin Islands
+1 284 852 1606
British Virgin Islands
Commerce House, Waterfront Drive
Road Town, Tortola VG 1110
British Virgin Islands
+1 284 852 1606

Tim Prudhoe is a commercial litigator and trial advocate who represents companies and high-net-worth individuals often based in the U.S. and the Caribbean. His practice includes international judgment enforcement, asset recovery, fiduciary risk and cross-border insolvency matters. His work across offshore jurisdictions often encompasses their interaction with onshore financial centers and regulatory bodies in the United States as well as worldwide.

In addition to representing both liquidators and receivers, Mr. Prudhoe takes appointments as liquidator in a number of offshore financial centers. He has given expert evidence (including testifying evidence) several times in the U.S. and Asia.

Mr. Prudhoe is admitted to practice in Belize, Bermuda, the British Virgin Islands, Gibraltar, Grenada, St. Vincent and the Grenadines and the Turks and Caicos Islands (“the TCI”). In the TCI he is the Financial Services Commission-appointed member of the statutory Company Law Advisory Committee that advises the financial services industry and TCI government on the drafting and implementation of statutory changes around directors’ duties and insolvency. He became a barrister in his original jurisdiction of admission (England & Wales) in 1994 and commenced an overseas practice in 1998.

Admissions

  • Barrister, Eastern Caribbean Supreme Court (British Virgin Islands, Grenada, St. Vincent, the Grenadines and Belize)
  • Attorney, Turks and Caicos Islands
  • Barrister and Attorney, Bermuda
  • Barrister, England & Wales
  • Barrister, Gibraltar (pro hac vice)
  • Practicing Lawyer, Dubai International Financial Center

Education

  • Manchester University, LLB
  • Queen Mary University of London, LLM

Accolades

  • Who’s Who Legal, Asset Recovery

Select Engagements

International Judgment Enforcement & Offshore Asset Recovery

  • Representation of the target company in the necessary permission application in the Eastern Caribbean Supreme Court (British Virgin Islands) for a potential U.S. derivative action in relation to a real property investment fund where the directors of the target company are alleged breached fiduciary duties and underlying contractual obligations, and related self-dealing. The proposed plaintiff in the intended U.S. proceedings seeking a high value recovery.
  • Expert witness on company law issues of directors’ duties and attribution of knowledge in Singapore High Court and Court of Appeal proceedings involving offshore companies and arising out of the liquidation of a real estate development company.
  • Representation of a joint venture shareholder in the successful defense of an attempted court-ordered winding-up of a special purpose vehicle with strategic implications for wider ongoing litigation and other asset recovery efforts across four jurisdictions. This also includes the neutralizing of serious allegations of fraud and other breaches of directors’ duties (including issues of “nominee” directors’ abuse).
  • Representation of a large U.S. oil company in enforcing a bilateral investment treaty arbitral award of US $110 million+ against the worldwide sovereign assets of Ecuador, an alleged “rogue state.”
  • Representation of a partner in an offshore limited liability partnership in connection with an alleged forfeit of partnership interests arising out of admitted misappropriations, involving US $500 million in controversy.
  • Representation of the trustee in bankruptcy of Petters Company Inc. in the U.S. Bankruptcy Court for the District of Minnesota relating to the tracing and recovery of a debtor’s assets in European and offshore jurisdictions relating to the Epsilon Funds, which had invested US $300 million+ into Petters.
  • Provide advice to investor committee in respect of offshore fund based in Bermuda.
  • Representation of a government in enforcing judgments of US $120 million+ against assets and defendants in multiple jurisdictions in the United States, the Caribbean and Asia.
  • Representation of a former CEO of a multibillion-dollar Russian oil company in connection with criminal investigations by the Russian government into international asset transfers, involving an entity incorporated in the British Virgin Islands.

Insolvency & Debtor-Creditor Disputes

  • Representation of a Caribbean national bank in a dispute with a financial entity in liquidation, involving recovery issues surrounding sovereign debt and bond assignments, in which we obtained full recovery plus applicable interest on behalf of our client.
  • Service as special counsel to an international law firm in representing Baha Mar, a Bahamian luxury resort, in executing specific requests and analysis regarding potential legal actions against a construction and real estate conglomerate in the English courts.
  • Expert witness on BVI company law issues of directors’ duties and attribution of knowledge in ongoing Singapore High Court proceedings involving BVI companies and arising out of liquidation of real estate development company.
  • Advice to law firm in a potential Antigua legal action arising out of transactional work carried out on behalf of Stanford International Bank prior to its liquidation.
  • Representation of a European financial services company in adversary proceedings currently pending before the U.S. Bankruptcy Court for the Southern District of New York relating to recovery of alleged fraudulent conveyances.

Trusts & Estates Litigation

  • Representation of several beneficiaries of a discretionary trust in connection with disputed distributions and contested removal of trustees, as well as possible claims for breach of trust regarding allegations of unpaid estate taxes and incorrect submission to the jurisdiction by trustees.
  • Representation of the principal beneficiary of an offshore trust with regards to contested issues of trustee disclosure and use of trust assets in respect of London High Court Chancery Division trial (parallel proceedings).
 

Professional & Community Involvement

  • Society of Trust and Estate Practitioners, Member
  • Insolvency Lawyers' Association, Member
  • INSOL International, Member
  • Commercial Bar Association, Member
  • Chartered Institute of Arbitrators, Fellow

Publications & Presentations

  • Author, "Big Changes in Insolvency Legislation in Turks & Caicos" (INSOL International, September 2017)
  • Speaker, "US Foreign Corruption Practices Act and Whistleblower Program – Continuing and Future Impacts on Caribbean Region" (OECS Regional Conference, Dominica, September 2017)
  • Co-author, "Private foundations and the (limited) impact of the Panama Papers" (Trusts & Trustees, July 2017)
  • Co-author, "Litigation Aspects of the Panama Papers" (Gore-Browne on Companies Special Release, March 2017)
  • Speaker, "Perception and Reputation: Privacy and Confidentiality Post-Panama Papers" (STEP Caribbean Conference, Grand Cayman, May 2017)
  • Speaker, "Treasure Islands: Demystifying Litigation and Asset Recovery in the Offshore Word" (Delaware State Bar Association, February 2017)
  • Speaker, "Confidentiality Issues Offshore Post-Panama Papers" (STEP Caribbean Conference, St. Lucia, April 2016)
  • Co-author, “Getting Justice in International Joint Ventures” (Gas International, August 2015)
  • Speaker, "Registers of Beneficial Ownership — Status and Next Steps on Proposed Changes for International Finance Centres" (STEP Caribbean Conference, St. Maarten, May 2015)
  • Speaker, "Litigation Planning Aspects of Cross-Border Real Estate Investment — Issues to Consider While Getting the Deal Done" (Americas Lodging Investment Summit Conference, Los Angeles, January 2015)
  • Contributing author, Offshore Asset Recovery and Litigation, Developing a Global Agenda: Expert Insight from the Inaugural STEP Global Congress (Bloomsbury Professional, 2014)
  • Speaker, "Offshore Enforcement Activity Relating to the U.S. Department of Justice — Switzerland and FATCA" (BVI Financial Services Commission, British Virgin Islands, June 2014)
  • Speaker, "FATCA in Context, Recent Developments in The Investigation and Enforcement of U.S. Tax Evasion" (Swiss Association of Trust Companies, Geneva, May 2014)
  • Speaker, "Automatic Tax Information Exchange - International Financial Centres and Beyond" (STEP South Africa Conference, Johannesburg, May 2014)
  • Speaker, "Off-the-Shelf or Bespoke Trust Product: The Pros and Cons" (STEP South Africa Conference, Johannesburg, May 2014)
  • Speaker, "Expected DOJ Implications and Likely Activities Flowing from FATCA and Recent Inter-Governmental Agreements" (Offshore Alert Conference, Miami, May 2014)
  • Contributing author, "Corporate Directors — Problems With and From Them" (Gore-Browne Special Release, March 2014)
  • Author, "Asset Recovery - British Virgin Islands" (Getting the Deal Through, 2014)
  • Speaker, "Protecting Family Assets from Creditors — How to Defend and Attack" (STEP Asia Conference, Singapore, November 2013)
  • Speaker, "Cross-Border Enforcement of Judgments for Thefts of Intellectual Property" (Corporate Counsel IP Trademark, Copyright & Licensing Counsel Forum, New York, October 2013)
  • Speaker, "Attacks on Wealth and Protecting Trustees" (LexisNexis International Trusts and Estates Litigation Conference, London, September 2013)
  • Moderator, "Offshore Jurisdictions Panel on British Virgin Islands and Cayman Islands" (STEP New York Conference, New York, September 2013)
  • Author, "A Fight (Or Several) in Prospect: Allen Stanford, The Wait May Soon Be Over" (Trusts Quarterly Review, June 2013)
  • Speaker, "Contentious Trusts Update" (STEP Caribbean Conference, St. Kitts, May 2013)

Credentials

Admissions

  • Barrister, Eastern Caribbean Supreme Court (British Virgin Islands, Grenada, St. Vincent, the Grenadines and Belize)
  • Attorney, Turks and Caicos Islands
  • Barrister and Attorney, Bermuda
  • Barrister, England & Wales
  • Barrister, Gibraltar (pro hac vice)
  • Practicing Lawyer, Dubai International Financial Center

Education

  • Manchester University, LLB
  • Queen Mary University of London, LLM

Accolades

  • Who’s Who Legal, Asset Recovery

Engagements

International Judgment Enforcement & Offshore Asset Recovery

  • Representation of the target company in the necessary permission application in the Eastern Caribbean Supreme Court (British Virgin Islands) for a potential U.S. derivative action in relation to a real property investment fund where the directors of the target company are alleged breached fiduciary duties and underlying contractual obligations, and related self-dealing. The proposed plaintiff in the intended U.S. proceedings seeking a high value recovery.
  • Expert witness on company law issues of directors’ duties and attribution of knowledge in Singapore High Court and Court of Appeal proceedings involving offshore companies and arising out of the liquidation of a real estate development company.
  • Representation of a joint venture shareholder in the successful defense of an attempted court-ordered winding-up of a special purpose vehicle with strategic implications for wider ongoing litigation and other asset recovery efforts across four jurisdictions. This also includes the neutralizing of serious allegations of fraud and other breaches of directors’ duties (including issues of “nominee” directors’ abuse).
  • Representation of a large U.S. oil company in enforcing a bilateral investment treaty arbitral award of US $110 million+ against the worldwide sovereign assets of Ecuador, an alleged “rogue state.”
  • Representation of a partner in an offshore limited liability partnership in connection with an alleged forfeit of partnership interests arising out of admitted misappropriations, involving US $500 million in controversy.
  • Representation of the trustee in bankruptcy of Petters Company Inc. in the U.S. Bankruptcy Court for the District of Minnesota relating to the tracing and recovery of a debtor’s assets in European and offshore jurisdictions relating to the Epsilon Funds, which had invested US $300 million+ into Petters.
  • Provide advice to investor committee in respect of offshore fund based in Bermuda.
  • Representation of a government in enforcing judgments of US $120 million+ against assets and defendants in multiple jurisdictions in the United States, the Caribbean and Asia.
  • Representation of a former CEO of a multibillion-dollar Russian oil company in connection with criminal investigations by the Russian government into international asset transfers, involving an entity incorporated in the British Virgin Islands.

Insolvency & Debtor-Creditor Disputes

  • Representation of a Caribbean national bank in a dispute with a financial entity in liquidation, involving recovery issues surrounding sovereign debt and bond assignments, in which we obtained full recovery plus applicable interest on behalf of our client.
  • Service as special counsel to an international law firm in representing Baha Mar, a Bahamian luxury resort, in executing specific requests and analysis regarding potential legal actions against a construction and real estate conglomerate in the English courts.
  • Expert witness on BVI company law issues of directors’ duties and attribution of knowledge in ongoing Singapore High Court proceedings involving BVI companies and arising out of liquidation of real estate development company.
  • Advice to law firm in a potential Antigua legal action arising out of transactional work carried out on behalf of Stanford International Bank prior to its liquidation.
  • Representation of a European financial services company in adversary proceedings currently pending before the U.S. Bankruptcy Court for the Southern District of New York relating to recovery of alleged fraudulent conveyances.

Trusts & Estates Litigation

  • Representation of several beneficiaries of a discretionary trust in connection with disputed distributions and contested removal of trustees, as well as possible claims for breach of trust regarding allegations of unpaid estate taxes and incorrect submission to the jurisdiction by trustees.
  • Representation of the principal beneficiary of an offshore trust with regards to contested issues of trustee disclosure and use of trust assets in respect of London High Court Chancery Division trial (parallel proceedings).

News

Professional & Community Involvement

  • Society of Trust and Estate Practitioners, Member
  • Insolvency Lawyers' Association, Member
  • INSOL International, Member
  • Commercial Bar Association, Member
  • Chartered Institute of Arbitrators, Fellow

Publications & Presentations

  • Author, "Big Changes in Insolvency Legislation in Turks & Caicos" (INSOL International, September 2017)
  • Speaker, "US Foreign Corruption Practices Act and Whistleblower Program – Continuing and Future Impacts on Caribbean Region" (OECS Regional Conference, Dominica, September 2017)
  • Co-author, "Private foundations and the (limited) impact of the Panama Papers" (Trusts & Trustees, July 2017)
  • Co-author, "Litigation Aspects of the Panama Papers" (Gore-Browne on Companies Special Release, March 2017)
  • Speaker, "Perception and Reputation: Privacy and Confidentiality Post-Panama Papers" (STEP Caribbean Conference, Grand Cayman, May 2017)
  • Speaker, "Treasure Islands: Demystifying Litigation and Asset Recovery in the Offshore Word" (Delaware State Bar Association, February 2017)
  • Speaker, "Confidentiality Issues Offshore Post-Panama Papers" (STEP Caribbean Conference, St. Lucia, April 2016)
  • Co-author, “Getting Justice in International Joint Ventures” (Gas International, August 2015)
  • Speaker, "Registers of Beneficial Ownership — Status and Next Steps on Proposed Changes for International Finance Centres" (STEP Caribbean Conference, St. Maarten, May 2015)
  • Speaker, "Litigation Planning Aspects of Cross-Border Real Estate Investment — Issues to Consider While Getting the Deal Done" (Americas Lodging Investment Summit Conference, Los Angeles, January 2015)
  • Contributing author, Offshore Asset Recovery and Litigation, Developing a Global Agenda: Expert Insight from the Inaugural STEP Global Congress (Bloomsbury Professional, 2014)
  • Speaker, "Offshore Enforcement Activity Relating to the U.S. Department of Justice — Switzerland and FATCA" (BVI Financial Services Commission, British Virgin Islands, June 2014)
  • Speaker, "FATCA in Context, Recent Developments in The Investigation and Enforcement of U.S. Tax Evasion" (Swiss Association of Trust Companies, Geneva, May 2014)
  • Speaker, "Automatic Tax Information Exchange - International Financial Centres and Beyond" (STEP South Africa Conference, Johannesburg, May 2014)
  • Speaker, "Off-the-Shelf or Bespoke Trust Product: The Pros and Cons" (STEP South Africa Conference, Johannesburg, May 2014)
  • Speaker, "Expected DOJ Implications and Likely Activities Flowing from FATCA and Recent Inter-Governmental Agreements" (Offshore Alert Conference, Miami, May 2014)
  • Contributing author, "Corporate Directors — Problems With and From Them" (Gore-Browne Special Release, March 2014)
  • Author, "Asset Recovery - British Virgin Islands" (Getting the Deal Through, 2014)
  • Speaker, "Protecting Family Assets from Creditors — How to Defend and Attack" (STEP Asia Conference, Singapore, November 2013)
  • Speaker, "Cross-Border Enforcement of Judgments for Thefts of Intellectual Property" (Corporate Counsel IP Trademark, Copyright & Licensing Counsel Forum, New York, October 2013)
  • Speaker, "Attacks on Wealth and Protecting Trustees" (LexisNexis International Trusts and Estates Litigation Conference, London, September 2013)
  • Moderator, "Offshore Jurisdictions Panel on British Virgin Islands and Cayman Islands" (STEP New York Conference, New York, September 2013)
  • Author, "A Fight (Or Several) in Prospect: Allen Stanford, The Wait May Soon Be Over" (Trusts Quarterly Review, June 2013)
  • Speaker, "Contentious Trusts Update" (STEP Caribbean Conference, St. Kitts, May 2013)

Tim Prudhoe is "a tenacious and effective advocate" and someone who "leaves no stone unturned."

Chambers