Interim Receivership Orders: Cross-Undertaking Requirement Clarified

On 11 May 2022, a judgment by the Eastern Caribbean Court of Appeal inJTrust Asia PTE. Ltd. v Mitsuji Konoshita et al and Showa Holdings provided fresh guidance on the circumstances where upon application by a claimant to appoint interim receivers, a cross-undertaking in damages will be required as a condition of the grant.

Background

The Appellant, JTrust Asia PTE. Ltd. ("JTrust") is a company incorporated in Singapore. The first respondent, Mitsuji Konoshita, is a director and majority shareholder of the second respondent, A.P.F. Group Co. Ltd. ("APF") (together, "the Respondents"). The intervenor, Showa Holdings Co. Ltd ("Showa"), for whom Maples and Calder, the Maples Group's law firm, acts in the proceedings, is a Japanese holding company listed on the Tokyo Stock Exchange and a subsidiary of APF.