Will The "Black Swan" Fly Over To Cyprus?

As widely reported, on 4 October 2021, the Judicial Committee of the Privy Council issued its much anticipated decision in Broad Idea International Limited v. Convoy Collateral [2021] UKPC 24. With its judgement, the Privy Council effectively upheld the Black Swan jurisdiction, which is derived from the BVI judgement in the case Black Swan Investment ISA v Harvest View Ltd (BVIHCV 2009/399) (unreported) 23 March 2010 and is expected to have drastic effects in broadening the traditionally conceived limits of the powers of common law Courts to issue freezing injunctions in aid of international creditors.

The Black Swan jurisdiction provides that BVI Courts have jurisdiction/power to issue stand-alone freezing injunctions against Respondents residing within the jurisdiction of the BVI Courts in aid of foreign proceedings so as to ensure that any final judgement to be issued in favour of the applicants within the framework of those foreign proceedings (and which could