Read the full judgment text of HCMP 1705/2020 on BabelCite. This Court of First Instance judgment was delivered on 4 November 2020 before K Yeung J.
Trustee law – payment into court by trustee – securities broker – cessation of business – unclaimed client assets – Section 62 Trustee Ordinance (Cap 29) – whether s.62 available to securities broker to pay unclaimed client cash and securities into court – 'flexible and pragmatic' solution for ceasing business while protecting client interests – two requirements: (1) assets held by applicant as trustee and (2) despite reasonable endeavours, beneficiaries cannot be contacted or are unresponsive, or trustee is otherwise unable to obtain instructions – three categories of unclaimed assets: cash, withdrawable securities, and non-withdrawable securities – treatment of each category – order granted in terms of draft order – Applicant declared trustee – categories dealt with by payment into court, deposit of certificates, or sale/disposal with proceeds paid in – newspaper notifications in Chinese and English within 14 days – letters to clients at last known addresses – discharge of Applicant from further obligations on compliance – Re Drake & Morgan Limited, Re Glenlyon Limited, Re ABN Amro Bank N.V. followed.
Legal issues: Requirements for paying unclaimed client assets into court under s.62 Trustee Ordinance · Treatment of three categories of unclaimed assets
Outcome: Application granted; order made in terms of the draft order.
Cited by 23 cases · Cites 3 cases