Further Developments in Black Swan Relief
Harneys successfully acted for an individual seeking free
standing relief in aid of foreign proceedings brought in Cyprus.
The Cyprus proceedings were a derivative claim brought by the
claimant in the name of a Cypriot company. Relief sought included a
declaration that the relevant BVI company held property on trust
for the Cypriot company and a judgment against the BVI company and
others for US$3million. The Cypriot courts granted the applicant
interim injunctive relief restraining the BVI company from dealing
with the relevant property.
On the application to the BVI Court for "mirror" relief,
the applicant successfully argued that the Black Swan
jurisdiction applies to prevent non-cause of action defendants from
disposing of identified assets – as long as those assets
might be available to satisfy a future judgment of a foreign court,
in proceedings in which the owner, or arguable owner, of the assets
is a defendant.
