Company: TOP
Filing Date: 2025-04-30
Form Type: POS AM
Source: 0001213900-25-037641
Chunk: 44

Company: TOP Financial Group Ltd
Filing Date: 2025-04-30
Form: POS AM
Chunk 44
---
ust action) or where
enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive
in personam judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling
upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in
the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply.
To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim
on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot
be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a
judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found
by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination
has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent
proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign
Court’s intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own
judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the
Cayman Islands may safeguard the defendant’s rights by granting a stay of execution pending any such appeal and may also grant
interim injunctive relief as appropriate for the purpose of enforcement.

Stevenson, Wong &
Co., our counsel with respect to Hong Kong law, has advised us that judgment of United States courts will not be directly enforced our
subsidiaries in Hong Kong or such directors and officers who are nationals and/or residents of Hong Kong. There are currently no treaties
or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the
common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a
cause of action since the judgment