Bio
David is a partner of Appleby’s Dispute Resolution team and is based in its Cayman Office.
David has more than 20 years’ experience in commercial litigation, investment fund disputes and insolvency matters. His practice focuses on major complex, cross-border disputes and insolvencies, with a particular interest in fraud and asset recovery. David has acted in some of the largest and highest profile investment fund disputes in the Cayman Islands in recent years.
David regularly advises clients on all aspects of arbitral award enforcement, on both the creditor and debtor side. David has particular experience of complex multi-jurisdiction enforcement exercises, including identifying and preserving assets. David has significant experience of insolvency matters, and regularly acts for petitioning creditors, JOLs, LCs, secured creditors and unsecured creditors. David’s experience has led him to be regularly instructed to provide expert evidence / opinions on matters of Cayman Islands law for use in overseas litigation and arbitration.
Prior to joining Appleby, David was a partner with Norton Rose Fulbright where he was a partner in each of their London and Hong Kong offices. David has maintained his links to Hong Kong and work originating from Asia forms a substantial part of his practice.
Bio
David is a partner of Appleby’s Dispute Resolution team and is based in its Cayman Office.
David has more than 20 years’ experience in commercial litigation, investment fund disputes and insolvency matters. His practice focuses on major complex, cross-border disputes and insolvencies, with a particular interest in fraud and asset recovery. David has acted in some of the largest and highest profile investment fund disputes in the Cayman Islands in recent years.
David regularly advises clients on all aspects of arbitral award enforcement, on both the creditor and debtor side. David has particular experience of complex multi-jurisdiction enforcement exercises, including identifying and preserving assets. David has significant experience of insolvency matters, and regularly acts for petitioning creditors, JOLs, LCs, secured creditors and unsecured creditors. David’s experience has led him to be regularly instructed to provide expert evidence / opinions on matters of Cayman Islands law for use in overseas litigation and arbitration.
Prior to joining Appleby, David was a partner with Norton Rose Fulbright where he was a partner in each of their London and Hong Kong offices. David has maintained his links to Hong Kong and work originating from Asia forms a substantial part of his practice.
Work Highlights
Major recent cases include:
- Acting for an investor and for Credit Suisse London Nominees (acting by receivers) in just and equitable winding up proceedings concerning three investment funds in Cayman and one in the BVI. Following a six-week trial in Cayman, Appleby successfully obtained winding up orders in respect of the funds. These were one of the largest and highest profile investment fund disputes that the Cayman Islands has seen in recent years. The investor held their shared in the funds through nominee entities and so the winding up proceedings were brought by receivers appointed over their shares. This is the first time in the common law world that winding up proceedings have been brought successfully by receivers appointed over shares – removing a major impediment for beneficial owners.
- Acting for China National Building Material Co. Ltd in respect of just and equitable winding up proceedings in respect of China Shanshui Cement Group Limited. These are long running high-profile proceedings which have given rise to important judgments including at the appellant level. At the core of the dispute, Tianrui, a major shareholder in China Shanshui, alleges that two other major shareholders, CNBM and Asia Cement Corporation, have been involved in a conspiracy to take over ownership and control of China Shanshui.
- Acting for the JOLs of City Credit Cayman in what is believed to be the largest new Cayman insolvency proceeding (by creditor claims) of 2024. The City Credit group of companies (of which City Credit Cayman was part) collapsed in 2023 with allegations that it was a Ponzi scheme which defrauded investors across Asia. The collapse has led to multiple insolvency proceedings in a number of jurisdictions.
- Acting for Cayman Shores Development Ltd (a Dart company) in the high-profile Britannia resort complex proceedings. In 2023, Appleby was successful in a Court of Appeal decision overturning the decision of the Grand Court, which held that certain legal instruments dating from 1992 to 2001 granting various rights to residential proprietors in the Britannia development were binding on a number of companies in the Dart Group. The Court of Appeal decision is important as it addresses a number of fundamental aspects of Cayman Islands property law which have wider significance as there are other high-end resorts in Cayman that involve the same resort/condo model.
- Acting for ENKA in successful enforcement foreign arbitral awards exceeding US$50m against a Cayman Islands company, Mass Global Energy (Duhok) Ltd. Obtaining ex parte orders against MGE permitting enforcement of the main arbitral award and granting a worldwide injunction requiring notification of intended disposals of or dealings with assets together with ancillary asset disclosure orders. This is understood to be the first notification order granted in the Cayman Islands.
- Acting for an investor to successfully obtain declaratory relief in the Cayman Islands in response to Swiss attachment proceedings which sought to pierce the corporate veil.
Major recent cases include:
- Acting for an investor and for Credit Suisse London Nominees (acting by receivers) in just and equitable winding up proceedings concerning three investment funds in Cayman and one in the BVI. Following a six-week trial in Cayman, Appleby successfully obtained winding up orders in respect of the funds. These were one of the largest and highest profile investment fund disputes that the Cayman Islands has seen in recent years. The investor held their shared in the funds through nominee entities and so the winding up proceedings were brought by receivers appointed over their shares. This is the first time in the common law world that winding up proceedings have been brought successfully by receivers appointed over shares – removing a major impediment for beneficial owners.
- Acting for China National Building Material Co. Ltd in respect of just and equitable winding up proceedings in respect of China Shanshui Cement Group Limited. These are long running high-profile proceedings which have given rise to important judgments including at the appellant level. At the core of the dispute, Tianrui, a major shareholder in China Shanshui, alleges that two other major shareholders, CNBM and Asia Cement Corporation, have been involved in a conspiracy to take over ownership and control of China Shanshui.
- Acting for the JOLs of City Credit Cayman in what is believed to be the largest new Cayman insolvency proceeding (by creditor claims) of 2024. The City Credit group of companies (of which City Credit Cayman was part) collapsed in 2023 with allegations that it was a Ponzi scheme which defrauded investors across Asia. The collapse has led to multiple insolvency proceedings in a number of jurisdictions.
- Acting for Cayman Shores Development Ltd (a Dart company) in the high-profile Britannia resort complex proceedings. In 2023, Appleby was successful in a Court of Appeal decision overturning the decision of the Grand Court, which held that certain legal instruments dating from 1992 to 2001 granting various rights to residential proprietors in the Britannia development were binding on a number of companies in the Dart Group. The Court of Appeal decision is important as it addresses a number of fundamental aspects of Cayman Islands property law which have wider significance as there are other high-end resorts in Cayman that involve the same resort/condo model.
- Acting for ENKA in successful enforcement foreign arbitral awards exceeding US$50m against a Cayman Islands company, Mass Global Energy (Duhok) Ltd. Obtaining ex parte orders against MGE permitting enforcement of the main arbitral award and granting a worldwide injunction requiring notification of intended disposals of or dealings with assets together with ancillary asset disclosure orders. This is understood to be the first notification order granted in the Cayman Islands.
- Acting for an investor to successfully obtain declaratory relief in the Cayman Islands in response to Swiss attachment proceedings which sought to pierce the corporate veil.
Recognition
David is listed as a ‘Key Lawyer’ in Legal 500 2023 with Clients saying ‘We have worked extensively with David Lee and he is an outstanding lawyer and excellent team player.’ ‘He is tactically very switched on and particularly forensic orientated.’ In 2022 he was praised by them as a ‘Strategic thinker who works hard to deliver effective solutions, very bright with nobody better at managing complex disputes…’ and ‘Quick to identify the key aspects of a disputes, providing several potential solutions.’ In the 2021 edition David was described as ‘Knowing his way around the Cayman courts as well as anyone.’
David is listed as a ‘Key Lawyer’ in Legal 500 2023 with Clients saying ‘We have worked extensively with David Lee and he is an outstanding lawyer and excellent team player.’ ‘He is tactically very switched on and particularly forensic orientated.’ In 2022 he was praised by them as a ‘Strategic thinker who works hard to deliver effective solutions, very bright with nobody better at managing complex disputes…’ and ‘Quick to identify the key aspects of a disputes, providing several potential solutions.’ In the 2021 edition David was described as ‘Knowing his way around the Cayman courts as well as anyone.’
Qualifications & Education
- University of Bristol
- University of Bristol