Harbour funded an US$80 million dispute between the liquidator of Pioneer Iron & Steel Group and its sole former shareholder and director, who was based in China. As the group entered into insolvency she asserted that valuable company assets belonged not to the company but to a relative.
Pioneer’s creditors, although well-funded, were reluctant to finance litigation to recover assets. Having been approached by one of the creditors, Harbour stepped in.
Our funding enabled the liquidator to make an application to the court for the appointment of an interim receiver over one of the company assets, being certain Shanghai-listed mining stocks. As part of the funding, Harbour provided a £20 million cross undertaking in damages to support the appointment, a tactic which helped to secure an early settlement and a substantial payment to Pioneer’s creditors.
Harbour Litigation Funding Limited (“Harbour") - Reg. No 06426478 - is authorised and regulated by the Financial Conduct Authority and acts as the sole investment sub adviser to Harbour Litigation Investment Fund, L.P., Harbour Fund II, L.P., Harbour Fund III, L.P. and Harbour Fund IV, L.P. (the "Harbour Funds”).