Judgment Hand Down: Cithara v Haimen

Featured members
Cithara Global Multi-Strategy SPC v Haimen Zhongnan Investment Development (International) Co. Ltd.


The BVI Commercial Court has released its judgment in Cithara v Haimen Zhongnan.


The BVI Court held that an ultimate beneficial noteholder under a New York law governed note structure is a contingent creditor for the purposes of an application for the appointment of liquidators under the BVI insolvency legislation, following the UK Supreme Court decision in In re Nortel GmbH; Bloom v Pensions Regulator [2013] UKSC 52, [2014] AC 209.


The Court considered numerous authorities, including the recent decision of the Grand Court of the Cayman Islands in In the Matter of Shinsun Holdings (Group) Co. Ltd (FSD 192 of 2022), which the Court concluded should not be followed in the BVI.


South Square’s Peter Burgess appeared for the successful Applicant, instructed by Eleanor Morgan and Sophie Christodoulou at Mourant.


Read the full judgment here.

News you may be interested in
South Square & RISA BVI Conference – 2024
South Square & RISA BVI Conference – 2024
South Square & RISA Cayman Conference – 2024
South Square & RISA Cayman Conference – 2024
South Square Digest
South Square Digest is our quarterly review of news, cases, judgments and articles covering all our practice areas.
South Square Digest
Contact us
Scroll To Top