21 Dec 1994
The Owners of Cargo lately laden on board the ship or vessel "Kyriakos M" v. The Owners and/or Demise Charterers of the ship or vessel "Kyriakos M"
- Citation
- The Owners of Cargo lately laden on board the ship or vessel "Kyriakos M" v. The Owners and/or Demise Charterers of the ship or vessel "Kyriakos M"
- Court
- Court of First Instance
- Case number
- HCAJ382/1994
Defendants failed to show sufficient cause to vary the existing order: the risk of future claims covered by the plaintiffs' undertaking was speculative given the buyer had seen the mate's receipt and the waiver sought was wider than necessary; the US$200,000 security reasonably reflected likely interlocutory losses; the US$842,203.11 paid into court would not be treated as additional security for the undertaking; and there was a good arguable claim justifying maintenance of the caveat. Therefore the defendants' summons to vary the order was dismissed with costs to the plaintiffs.