Rumen Cholakov

Rumen Cholakov

Call: 2021; 2016 (Solicitor); 2021 (New York Bar)

“The set boasts some of the strongest practitioners in the market.”

- Chambers & Partners UK Bar (2022)

"3 Verulam Buildings is first-class."

- Chambers & Partners UK Bar (2022)

Practice Overview

Rumen has a particular interest in banking disputes, where his career at the Bar builds on his prior experience as a solicitor, and complex fraud cases, both civil and criminal. He has appeared on his own in the High Court and County Courts, and has strong experience in international commercial and investment treaty arbitration.

Prior to transferring to the Bar, Rumen was admitted as a solicitor in 2016 and practiced as an associate in the Banking and Finance team of Kirkland & Ellis International LLP in London where he represented private equity clients in leveraged finance, real estate finance, direct lending, special situations, fund financing, and restructuring transactions.

Rumen is also a member of the New York Bar. He has worked as an Intern at the Brooklyn District Attorney’s office and the United Nations Development Programme and as a Research Assistant in international commercial arbitration to Professor George Bermann.

  • Acting for the corporate claimant in a US$2.5m ad hoc arbitration seated in London, as sole counsel.
  • Acting in proceedings for the recognition and enforcement of an ICSID award where the state has asserted an immunity challenge, led by Christopher Harris KC.
  • Acting for one of the respondents in a PCA arbitration seated in London, led by Hefin Rees KC.
  • Acting in English enforcement proceedings relating to a Swiss ICC arbitration award, led by Hefin Rees KC.
  • Anon – acting on an ICC arbitration concerning a commission entitlement in respect of Kazakhstan oil development project (as a pupil).
  • Anon – acting for the respondent to linked LCIA arbitrations concerning a dispute between shareholders in a leading hotel group (as a pupil).
  • Acting for a private equity backed portfolio company in a dispute over the potential enforcement of debt facilities, which included successfully obtaining injunctive relief, led by Richard Salter KC and Philip Hinks (High Court).
  • Acting for HSBC Invoice Finance (UK) in relation to a third-party disclosure application, as sole counsel (High Court).
  • Acting for MoneyGram Payment Systems, Inc. in a claim for breach of contract against one of its payment agents.
  • Acting for MoneyGram International Limited as defendant to a claim for restitution of funds transferred towards an alleged fraudulent scheme.
  • Acting for Halifax Share Dealing Limited T/A Iweb Share Dealing Service in the successful defence of a s. 138 FSMA 2000 claim based on breaches of the COBS best execution rules.
  • Acting for Barclays Bank UK PLC in the successful strike out of a claim brought by a consumer in relation to the purchase of a car.
  • Regularly acting for financial institutions defending Consumer Credit Act 1974 claims, including HSBC UK Bank PLC, Barclays Bank UK PLC, Santander Cards UK Limited, Lloyds Bank PLC, MBNA Limited, Marks & Spencer Financial Services PLC, Creation Financial Services Limited, Blemain Finance Limited, and Vanquis Bank Limited.

Rumen is a contributor to the Butterworths Journal of International Banking and Financial Law, the Butterworths Financial Regulation Service, and the 3VB Finance Column on PLC.

  • Nexo Capital Inc v Georgi Shulev & Ors. Acting for one of the founders and former directors of a digital asset financing platform as a defendant in a dispute relating to the control of certain crypto assets and claimant in a counterclaim alleging unlawful means conspiracy perpetrated by two other co-founders, Mr Konstantin Kantchev and Mr Antoni Trenchev, who misappropriated Mr Shulev’s ownership of Nexo with an estimated value of US$372m – US$1.132bn, led by Richard Salter KC (High Court).
  • Giwa v JNFX Ltd & Ors. Acting for the claimant in an alleged unlawful means conspiracy relating to the misappropriation of c. US$16m following a series of foreign exchange transactions, which included successfully obtaining a worldwide freezing order and related disclosure orders, led by Matthew Bradley KC (High Court).
  • Acting for one of the defendants in an alleged unlawful means conspiracy claim relating to a crypto asset investment platform, as sole counsel (High Court).
  • Benkel v East-West German Real Estate Holding [2020] EWHC 1489 (Ch) – acting for the defendants to a claim brought by the Trustee in Bankruptcy of Eliezer Fishman, the largest bankruptcy in Israeli history, in relation to an alleged portfolio of concealed assets (as a pupil).
  • Suppipat and others v Narongdej and others [2020] EWHC 3191 (Comm) – acting for Siam Commercial Bank as one of the defendants in an alleged fraudulent conspiracy relating to Thai energy companies with an estimated value of US$1-2 billion (as a pupil).
  • Acting for Tribe Payments Ltd in a contractual dispute with Incruises International LLC in relation to the provision of payments software, as sole counsel.
  • Acting for a pro bono client in a commercial dispute for breach of contract and unjust enrichment, as sole counsel.
  • Acting for British Car Auctions Ltd in relation to a claim brought by Beckside 4X4 Limited in relation to the auction of a vehicle, successfully obtaining an unless order for non-payment of costs in a previous related claim.
  • Successfully defended Albert E James & Son Limited in a claim for breach of two contracts for the supply wheat brought by Western Arable Services Limited that was dismissed with costs following trial, as sole counsel.
  • Successfully defended Corethree Limited in a claim for unpaid recruitment fees by Altih Vore Consulting Limited that was dismissed following trial, as sole counsel.
  • Yoo v Iliv [2021] EWCA Civ 560 – acting for the claimant in a claim to recover sums due under a design services agreement in respect of a leading property development in Singapore (as a pupil).
  • Nexo Capital Inc v Georgi Shulev & Ors. Acting for one of the founders and former directors of a digital asset financing platform as a defendant in a dispute relating to the control of certain crypto assets and claimant in a counterclaim alleging unlawful means conspiracy perpetrated by two other co-founders, Mr Konstantin Kantchev and Mr Antoni Trenchev, who misappropriated Mr Shulev’s ownership of Nexo with an estimated value of US$372m – US$1.132bn, led by Richard Salter KC (High Court).
  • Acting for one of the defendants in an alleged unlawful means conspiracy claim relating to a crypto asset investment platform, as sole counsel (High Court).
  • Acting in two investigations by the Serious Fraud Office, including review of the evidence and preparation for and attendance in interviews under Section 2 of the Criminal Justice Act 1987.
  • Bulgarian (fluent)
  • Russian (reading)
  • French (reading)

The Lawyer Awards 2022: Chambers of the Year