Seth Caine Director - Cains

Seth Caine
Direct line
+44 1624 638356
Location
Isle of Man

Profile

Seth is a director of Cains and heads the commercial litigation department. His main areas of practice involve commercial litigation with particular focus on trust disputes, asset tracing & fraud recovery, judicial review and regulatory issues. He advises numerous liquidators on Manx insolvency law and acted on behalf of the Manx liquidator of BCCI and of Barlow Clowes in relation to a number of trust issues. He also acts for the joint liquidators of Kaupthing Singer & Friedlander (Isle of Man) Limited. He has considerable expertise in relation to Petitions of Doleance (the Manx equivalent to judicial review) and he has appeared in many of the leading commercial cases at the Manx Bar.

In addition, Seth has advised the Isle of Man Financial Services Authority on enforcement matters in relation to investment business and banking issues and he acted for the US Securities and Exchange Commission in the case of Re Poyiadjis in the Isle of Man High Court.

Seth is regularly recommended by the legal directories for his work He has been described as: “a very experienced measured and articulate advocate.”
He is prized for his public law expertise and is also a stand out name in trusts, asset tracing and travel recovery disputes.

Clients consider him to be “one of the leading litigators on the Island”.

“He has a great manner in Court and gives solid, commercial advice”.

Key experience

  • Re UK Secured Finance Fund Plc (CHP15/0076) 10 June 2015 – Acting for the Isle of Man Financial Supervision Commission in obtaining an ex parte order appointing liquidators provisionally, pending the hearing of the Commissions Winding-up Application, in relation to a Qualifying investment fund.
  • Danske Bank v Irish Revenue Commissioners (CHP 2013/48) – 27 November 2013 – Representing the Irish Revenue Commissioners in relation to Compliance with an order of the Irish Supreme Court by a branch of an Irish Bank in the Isle of Man.
  • Irving v Attorney General of the Isle of Man and Others [27.05.2011] – Successfully applying for an Order striking out the claimant’s Claim Form, which sought damages in excess of £3.5 million against various members of the Isle of Man Government for alleged misfeasance, breach of duty of care and breach of the claimant’s human rights.
  • Barlow Clowes International Ltd v Henwood [20.12.2007] – Obtaining a Charging Order in the sum of £11 Million on behalf of the receivers of Barlow Clowes over the beneficial interest in shares held by Peter Henwood.
  • Asset Management Limited v Solly [21.10.2002] – Acting for Price Waterhouse Coopers as Liquidator of insolvent company and successfully recovering 2.95million in damages from former directors.
  • Re Kaupthing Singer & Friedlander (Isle of Man) Limited (In liquidation) (“KSFIOM”) [2009] MLR N/3 – Acting for the provisional liquidators of KSFIOM in relation to a proposed Scheme of Arrangement under Section 152 Companies Act 1931 and for the joint liquidators of KSFIOM in relation to In Re KSFIOM [2009] MLR 317 – Identifying the appropriate test for the award of costs in relation to a Scheme of Arrangement and in In Re KSFIOM [2009] MLR 332 – successfully resisting a claim that KSFIOM held funds on trust for depositors in circumstances where transfer instructions had not been carried out. Also in In Re KSFIOM [2009] MLR 422 concerning a Judgment on the power of the Joint Liquidators of KSFIOM to make “catch-up” payments to creditors who filed their proofs of debt out of time and in In Re KSFIOM [2009] MLR 516 which determined the test to be applied in calculating the remuneration of provisional liquidators for the period prior to the making of a winding-up order.
  • Barlow Clowes Intl. Ltd v Eurotrust Intl. Ltd [2003 – 05] MLR 18 – Acting as Manx Counsel in the Staff of Government Division in resisting an Appeal against a finding of dishonest assistance in breach of fiduciary duty and in Barlow Clowes International Limited v Eurotrust International Limited [2005 – 07] MLR 112 PC – Judgment of the Privy Council, successfully proving liability for knowing assistance in breach of a constructive trust by a third party.
  • Roys Poyiadjis [2001 – 03] MLR N – 31 (Staff of Government Division) – Acting as Manx Advocate for the United States Securities and Exchange Commission in relation to an application to register an External Confiscation Order.
  • Schmidt v Rosewood Trust Limited Privy Council Appeal No 2 of 2002 27th March 2003 [2001 – 03] MLR 511 – Acting as Advocate for the Appellant in a successful appeal to the Privy Council from the decision of the Staff of Government Division in Re The Angora and Everest Trusts [1999 – 2001] MLR 570, in which the Privy Council held that the Court has a discretion to require trustees to account to the object of a dispositive power.
  • Re Manx Ices Limited [1999 – 01] MLR 398 and [2001 – 03] MLR 64 SOG – Acted for Manx Ices on case involving restraint of trade – breach of European Community law by departments of the Manx Government.
  • Re Securities & Investments Board [1996-98] MLR N-13 – Acting for Securities & Investment Board of England and Wales in obtaining free-standing Mareva injunction in support of English proceedings.
  • Re BCCI [1993 – 95] MLR 272 and [1996 – 98] MLR 43 – Acting for Manx Liquidator of BCCI in ring-fencing assets of an insolvent bank and in relation to duty owed by Banking Regulator to creditors of an insolvent bank.

Contact us

If we can help you with any requirements please call us on +44 1624 638300 (Isle of Man) or call London on +44 20 7367 0030 or call Jersey on +44 1534 825333 or for Singapore call +65 6232 2470, or email us your enquiry to law@cains.com