This concerned an US$80 million dispute between the Pioneer Iron & Steel Group, Hong Kong (in provisional liquidation) and its sole shareholder and director, who was based in China. She sought to assert, as the group entered into insolvency, that valuable company assets belonged – not to the company – but to a relative.
The creditors, although well-funded corporates, were reluctant to finance further litigation to recover these assets. Having been approached by one of those creditors, Harbour stepped in.
Our funding allowed the liquidator to make an application to the court for the appointment of an interim receiver over one of the company assets, certain Shanghai-listed mining stock. As part of the funding, Harbour also provided a £20 million cross undertaking in damages to support the appointment, a tactic which helped secure an early settlement and substantial payment to the creditors.