RE PIPER JAFFREY ASIA SECURITIES LTD (in Members’ Voluntary Liquidation)

RE PIPER JAFFREY ASIA SECURITIES LTD (in Members’ Voluntary Liquidation)

Because the shares were delisted, registrars would not effect transfers, the Registrar of the High Court could not be recorded in CCASS or obtain exact individual certificates, HKSCC could only supply aggregate certificates, and the beneficial owners were unresponsive and the shares had little or no value, the court granted the liquidators liberty to deal with and forfeit the shares and discharged them from obligations or claims in respect of those shares.

Citation
RE PIPER JAFFREY ASIA SECURITIES LTD (in Members’ Voluntary Liquidation)
Parties
Applicants: Liquidators of Piper Jaffrey Asia Securities Limited; Company: Piper Jaffrey Asia Securities Limited (in Members Voluntary Liquidation); Respondents: Unclaimed customers/shareholders
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
13 March 2013
Case Number
HCMP437/2013
Procedural Posture
Miscellaneous Proceedings (court of First Instance) / Application for Authority to Deal With Unclaimed Shares; Judgment and Reasons Delivered
Outcome
Application granted.
Legal Topics
Unclaimed Shares, Liquidation, Disposal of Trust Property, Forfeiture, Deposit of Shares With Court
Source Language
EN
Companies Law Trusts and Trustees Insolvency Equity Unclaimed Shares Liquidation Disposal of Trust Property Forfeiture +1 more

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Parties

Liquidators of Piper Jaffrey Asia Securities Limited

Applicants

Piper Jaffrey Asia Securities Limited (in Members Voluntary Liquidation)

Company

Unclaimed customers/shareholders

Respondents

Procedural Posture

Miscellaneous Proceedings (court of First Instance) / Application for Authority to Deal With Unclaimed Shares; Judgment and Reasons Delivered

Legal Issues

  1. 1 Whether liquidators may dispose of unclaimed delisted shares that cannot be deposited with the court
  2. 2 Whether liquidators should be discharged from obligations or claims in respect of such shares
  3. 3 Practical mechanisms for depositing share certificates with the court and their feasibility

Ratio Decidendi

Because the shares were delisted, registrars would not effect transfers, the Registrar of the High Court could not be recorded in CCASS or obtain exact individual certificates, HKSCC could only supply aggregate certificates, and the beneficial owners were unresponsive and the shares had little or no value, the court granted the liquidators liberty to deal with and forfeit the shares and discharged them from obligations or claims in respect of those shares.

Court Disposition

Application granted.

Orders

  • Liquidators are at liberty to deal with the unclaimed shares of the 13 delisted companies as they see fit, including forfeiture, and are discharged from any obligations or claims in respect of such shares.
  • Liberty to apply.