Sarah Tulip

Sarah Tulip

Call: 2012

"3 Verulam Buildings is first-class."

- Chambers & Partners UK Bar (2022)

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

- Chambers & Partners UK Bar (2022)

Practice Overview

Sarah has a broad commercial practice, with particular specialisms in banking and finance, civil fraud and international arbitration. Many of her cases have an international element. Sarah has experience (both led and as sole advocate) of interlocutory matters, trials and appeals including in the County Courts, the High  Court (particularly the Commercial Court), the Court of Appeal, the Grand Chamber of the European Court of Justice.

In addition, Sarah is regularly instructed as a junior in high-value and complex arbitrations under the major sets of arbitration rules, including LCIA, SCC and UNCITRAL.

Sarah also has considerable experience of working on independent banking reviews and appeals, having been engaged as a legal advisor to the Nat West GRG appeals process (overseen by Sir William Blackburne) and as part of the legal team working on the Cranston Review Appeals process (in relation to the HBOS Reading fraud).

Recent highlights include:

  • Representing the defendant bank in the Suppipat litigation: a USD 2bn fraud claim, and one of The Lawyer’s “Top 20 cases of 2022”.
  • Representing the defendant bank in Byers v Saudi National Bank (a US$300m claim for knowing receipt): see, most recently, the judgment of the Court of Appeal [2022] EWCA Civ 43, [2022] 4 WLR 22.
  • Representing one of the individual defendants in the PIFSS litigation (a large-scale fraud claim, and one of The Lawyer’s “Top 20” cases of 2021).

In addition to her busy court practice, Sarah is currently co-authoring a book on the law and practice of service in civil proceedings with Daniel Edmonds of Fountain Court Chambers, which will be published by Oxford University Press.

Before coming to 3VB, Sarah studied Law at Oxford University (BA, BCL) and at Paris II Panthéon-Assas (Licence 3). Sarah then practiced as an employed barrister at a specialist litigation boutique for 3 years, before joining 3VB as a junior tenant in 2018.

Sarah has extensive experience of banking litigation. Current and recent instructions include:

  • Byers v Samba / Saudi National Bank: Acting for the defendant nank in a US$300m claim for knowing receipt (led by Andrew Onslow QC). The claim gave rise to complex issues of Saudi Arabian law, the English law of knowing receipt, and the valuation of shares in accessory liability claims: see [2021] EWHC 3259 (Comm) (Fancourt J), upheld on appeal to the Court of Appeal: [2022] 4 WLR 22. In addition, Sarah represented the bank in numerous pre-trial hearings: see Byers v Samba Financial Group [2020] EWHC 853 (Ch) (disclosure and debarral), [2020] EWHC 2380 (Ch) (application to amend/ remedies in knowing receipt), [2020] EWHC 2411 (Ch) (expert evidence).
  • Nopporn Suppipat (and others) v Nop Narongdej (and others): Acting for the defendant bank in USD 2 billion fraud claim, featured in The Lawyer’s “Top 20” cases of 2022 (led by Jonathon Davies Jones and David Simpson). See [2020] EWHC 3191 (Comm) and [2021] EWHC 3259 (Comm).
  • Ver Cap v Citicap Global Markets Limited: Representing Ver Cap (a specialist investment fund) in a claim against Citibank relating to the way in which the fund’s portfolio of bonds and loans was liquidated at the height of the covid-19 pandemic. Led by Jonathan Davies-Jones QC.
  • Independent banking reviews and appeals: Acting as a legal expert supporting Sir William Blackburne addressing complaints  from small business customers of RBS’s “Global Restructuring Group”. More recently, Sarah has been instructed as part of the legal team assisting Rory Phillips QC in the Cranston Review Appeals process: an independent appeals process determining claims for compensation from victims of the HBOS Reading fraud.
  • Re Golden Belt 1 Sukuk Company: junior counsel in a part 8 claim which centred on the rights and obligations arising under an Islamic financing transaction known as a “Sukuk” (led by Richard Salter QC): [2021] EWHC 2629 (Ch).

Sarah contributed to the 3VB publication analysing the impact of Brexit and the Financial Services Act 2021 on the English financial services market.

Sarah has a busy general commercial practice. In addition to being instructed as sole counsel on substantial matters, she is often instructed as a junior in complex, large-scale commercial disputes. Current and recent instructions include:

  • Byers v Samba / Saudi National Bank: Acting for the defendant nank in a US$300m claim for knowing receipt (led by Andrew Onslow QC). The claim gave rise to complex issues of Saudi Arabian law, the English law of knowing receipt, and the valuation of shares in accessory liability claims: see [2021] EWHC 3259 (Comm) (Fancourt J), upheld on appeal to the Court of Appeal: [2022] 4 WLR 22. In addition, Sarah represented the bank in numerous pre-trial hearings: see Byers v Samba Financial Group [2020] EWHC 853 (Ch) (disclosure and debarral), [2020] EWHC 2380 (Ch) (application to amend/ remedies in knowing receipt), [2020] EWHC 2411 (Ch) (expert evidence).
  • Nopporn Suppipat (and others) v Nop Narongdej (and others): Acting for the defendant bank in USD 2 billion fraud claim, featured in The Lawyer’s “Top 20” cases of 2022 (led by Jonathon Davies Jones and David Simpson). See [2020] EWHC 3191 (Comm) and [2021] EWHC 3259 (Comm).
  • Public Institution for Social Security v Al Rajaan (and others): representing one of the individual defendants in these substantial on-going fraud proceedings. Featured in The Lawyer’s “Top 20” cases of 2020, the claimant alleges that it was defrauded of hundreds of billions of dollars by its former director general, Fahad Maziad Rajaan Al-Rajaan and numerous alleged co-conspirators and intermediaries.
  • Gibson v TSE Malta LP t/a Betfair: representing the defendant gambling operator (led by Jonathan Davies-Jones QC) in a claim for breach of contract, breach of statutory duty, negligence, knowing receipt and unjust enrichment.
  • Wilson v LCML: One of the first BITCOIN cases to reach the courts, after successfully setting aside a default judgment of over £1.3m in 2019, Sarah acted for trading platform LCML in numerous applications and hearings throughout 2020, both in the Central London County Court and the Commercial Court.
  • Ryanair v Hertz: Acting for the defendant  in a complex commercial dispute, listed as a “Top 20” case of 2018 by The Lawyer (led by Andrew Sutcliffe QC and Anne Jeavons).

Sarah is regularly instructed as a junior in high-value and complex arbitrations under the major sets of arbitration rules, including LCIA, SCC and UNCITRAL. Sarah also has expertise in representing litigants in arbitration-related applications before the courts of England and Wales. Current and recent instructions include:

  • ABL v Alstom: Acting for a Hong Kong company successfully defending an application to resist enforcement of an arbitration award on grounds of public policy under s.103(3) Arbitration Act: Alexander Brothers Ltd v Alstom [2020] EWHC 814 (expert evidence) and [2020] EWHC 1584 (application to set aside).
  • Acting for the Tanzanian Roads Agency (led by Jane Davies Evans) in three consolidated UNCITRAL arbitrations concerning the termination of public works contracts in Tanzania.
  • Representing a litigation funder in a confidential arbitration relating to a litigation funding agreement, including a successful application for security for costs (with Christopher Harris QC).
  • Representing an insurer in a high-value claim brought in connection with a Directors & Officers Liability Insurance Policy under the DIFC-LCIA rules (with Nicholas Craig QC) (confidential).
  • AB International: acting for the applicant in an application for urgent interim relief under s.44 Arbitration Act (led by Steven Gee QC): see [2015] EWHC 219.

Sarah is regularly instructed to assist with written and oral submissions in complex investment treaty claims. Recent cases include:

  • Acting for the Kingdom of Morocco (led by Christopher Harris QC) in a US$ 400 million ICSID claim relating to the insolvency of a major refinery in the Kingdom (ICSID Case No. ARB/18/29).
  • Acting for the Republic of Kazakhstan in a US$ 500m ICSID investment arbitration arising from the failure of a gold mining venture (led by Alison Macdonald QC) (ICSID Case No. ARB/16/12).
  • Acting for the Claimant in a €2 billion claim against Greece under the Cyprus-Greece bilateral investment treaty (as part of a team led by Tom Beazley QC) (ICSID Case No. ARB/14/16).

Sarah has expertise in representing commercial entities seeking to challenge the legality of legislative and executive measures, both before the English courts and the European Court of Justice. Notable cases include:

  • BAT Industries (Plc) v Revenue and Customs Commissioners: acting for the claimant in a challenge to the legality of Part 8C of the Corporation Tax Act 2010 (as part of a team led by Graham Aaronson QC): see [2017] UKFTT 558.
  • Rosneft: Acting for Rosneft in the oil company’s challenge to the validity of EU sanctions, one of The Lawyer’s “Top 20” cases of 2015 (led by Pushpinder Saini QC): R (OJSC Rosneft) v HM Treasury and Others [2014] EWHC 4002 (Admin) (application for interim relief); R (OJSC Rosneft) v HM Treasury and Others [2015] EWHC 248 (Admin) (application for judicial review); and Case C-72/15, Rosneft v Secretary of State and Others (hearing before the Grand Chamber of the European Court of Justice).