RE MERDEKA SECURITIES LTD

RE MERDEKA SECURITIES LTD

The court was satisfied the applicant proved the assets were held in trust and that reasonable endeavours had been made to locate clients; accordingly it granted the application under Trustee Ordinance s62 and Order 92, ordering cash to be paid into court, withdrawable certificates deposited with court, non-withdrawable securities to be forfeited/sold with proceeds paid into court, notice to be given by advertisement and letters, discharge of the applicant from obligations in respect of the unclaimed assets, liberty to apply and no order as to costs.

Citation
[2024] HKCFI 817
Parties
Applicant / Plaintiff: Merdeka Securities Limited; Beneficiaries / Unclaimed Asset Holders: Unidentified related clients
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
15 March 2024
Case Number
HCMP289/2024
Procedural Posture
Application Under Trustee Ordinance (s56/s62) and Order 92 Rules / Interlocutory Application Order Made
Outcome
Application granted; orders made in terms of the updated draft order
Legal Topics
Unclaimed Assets, Trustee Ordinance S62 Application, Order 92 Rules Notice Requirements, Deposit of Assets Into Court
Source Language
EN
Trusts Civil Procedure Securities Regulation Unclaimed Assets Trustee Ordinance S62 Application Order 92 Rules Notice Requirements Deposit of Assets Into Court

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Parties

Merdeka Securities Limited

Applicant / Plaintiff

Unidentified related clients

Beneficiaries / Unclaimed Asset Holders

Procedural Posture

Application Under Trustee Ordinance (s56/s62) and Order 92 Rules / Interlocutory Application Order Made

Legal Issues

  1. 1 Whether the assets are held by the applicant as trustee
  2. 2 Whether reasonable endeavours were made to contact beneficiaries
  3. 3 Whether the court should authorise deposit/forfeiture/sale of unclaimed cash and securities and discharge the trustee

Ratio Decidendi

The court was satisfied the applicant proved the assets were held in trust and that reasonable endeavours had been made to locate clients; accordingly it granted the application under Trustee Ordinance s62 and Order 92, ordering cash to be paid into court, withdrawable certificates deposited with court, non-withdrawable securities to be forfeited/sold with proceeds paid into court, notice to be given by advertisement and letters, discharge of the applicant from obligations in respect of the unclaimed assets, liberty to apply and no order as to costs.

Court Disposition

Application granted; orders made in terms of the updated draft order

Orders

  • Declare Unclaimed Assets are held by the Applicant as trustee for the related clients
  • Unclaimed cash of HK$36,078.89 to be paid into court