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Oliver Rule



Oliver Rule



Oliver Rule is Counsel in Allen & Overy's Banking, Finance and Regulatory Litigation Group in London, specialising in complex financial litigation with a particular focus on insolvency and trustee disputes.

He has extensive experience of litigating in the English Courts, including victories for many financial institutions, including in the Court of Appeal and the Supreme Court. Oliver has also worked on many high profile restructurings including Virgin Active, Virgin Atlantic Airways, KCA Deutag, Phones 4U and DTZ, and numerous challenging insolvency disputes, for instance arising from the collapses of Greensill, Enron, TXU, Lehman Brothers and the Icelandic Banks. 

Oliver was named from 2018 to 2021 by Legal 500 as one of the “rising stars” in the field of Banking and Finance Litigation.  

Experience includes advising:

  • Virgin Active, on its on its landmark financial and leasehold estate restructuring, which was the first time a leasehold estate has been restructured using a Part 26A restructuring plan and also first time that an application under this legislation had been litigated. The plans were actively challenged by a group of landlords and the ensuing litigation involved preparation of substantial evidence within a very short timeframe. Ultimately, the plans were sanctioned achieving a total victory for Virgin Active in this first-of-its-kind case.
  • Advising the Administrators of Greensill Capital (UK) Limited in connection with the numerous contentious issues arising out of the collapse of this supply chain finance provider.
  • Virgin Atlantic Airways on its £1.2 billion restructuring, which was first ever UK Restructuring Plan.
  •  Attestor Capital in successfully preventing the implementation of the MF Global CVA, in a case which took 11 weeks from the instigation of High Court proceedings to final resolution in the Court of Appeal. 
    Citibank in getting the crucial issue that was holding up the Norske Skog restructuring heard and successfully resolved by the English High Court in just ten weeks, thereby saving the company and preserving value for creditors.
  • The Delegate, under a $700m sukuk transaction in successfully defending a claim in the English courts by Dana Gas seeking to invalidate the transaction on the basis that it was allegedly not compliant with sharia law, thereby protecting the substantial interests of the certificate holder investors.
  • High Court and Court of Appeal victories, in a dispute relating to notes linked to the official rate of inflation in Argentina.
  • Elavon in the Titan the litigation in successfully arguing in the High Court and Court of Appeal that the Class X noteholders (related to the issuer) were not entitled to increased interest payments following the issuer’s insolvency, thereby preserving significant value for the noteholders in the structure.
  • A Trustee in pursuing claims on behalf of bondholders in the insolvency of Kaupthing, Singer and Friedlander (KSF). This involved pursing a successful appeal to the UK Supreme Court on a novel question of law, which resulted in a significantly increased recovery for bondholders.
  • Man GLG in the Supreme Court in relation to the distribution of client monies from the Lehman Brothers Europe Estate.
  • A number of different financial institutions on close-out calculation disputes under the ISDA Master Agreement following the collapse of the Icelandic Banks.
  • A large US-headquartered global investment adviser on an acrimonious dispute with its debt servicer in both Poland and UK. Achieved a successful settlement and resolution of all issues within 6 months of taking over the matter from another firm.
  • Morgan Stanley in defeating a court challenge by a company to the sale of its assets (a large property in Canary Wharf) by way of a pre-packaged administration.
  • DTZ on a successful rescue of the company via a pre-packed administration in the face of challenge from certain shareholders.
  • A Security Trustee, in persuading the Court of Appeal to give a commercial sensible construction of an intercreditor transfer and release clause so that the restructuring proposals for the European Directories group could be effected.
  • The officeholders (KPMG) of the TXU group of insolvent companies around the interpretation and implementation of a Company Voluntary Arrangement. This has included:
    • successfully resisting an anti-suit application in the English High Court which sought to derail longstanding litigation as to the construction of certain cross-indemnities governing long-tail environmental liabilities.
    • defeating a challenge to the CVA by bondholders on the grounds of unfair prejudice and procedural irregularity, which included allegations of conflicts of interest against the officeholders. 
    • A New York based fund, in maximising its claim in the insolvent Enron Europe after it had initially been rejected by the administrators as a transaction at undervalue.

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Admitted as solicitor, England and Wales, 2006


MA, Classics, University of Cambridge, 2006

LPC, BPP Law School, 2004

Post Graduate Diploma, Law, BPP Law School, 2003