RE PEACE TOWN FUTURES LTD

RE PEACE TOWN FUTURES LTD

The specified items of cash were held by the applicant as trustee for the 62 unclaimed clients; the court granted leave to pay HK$108,285.90 into court and ordered that notice by advertisement and letters to last known addresses within 7 days would satisfy Order 92 r4; no order as to costs.

Citation
RE PEACE TOWN FUTURES LTD
Parties
Applicant: Applicant (unnamed in judgment); Respondents/beneficiaries: 62 unclaimed clients
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
1 August 2012
Case Number
HCMP1355/2012
Procedural Posture
Application Under S62 Trustee Ordinance and Order 92 Rules of the High Court / Decision/determination
Outcome
Application granted in part with declarations and directions to pay unclaimed client cash into court
Legal Topics
Unclaimed Client Monies, Trustee Duties, Payment Into Court, Order 92 Rules of the High Court, Segregated Client Accounts, Licence Revocation Conditions
Source Language
EN
Trusts Equity Securities Regulation Civil Procedure Unclaimed Client Monies Trustee Duties Payment Into Court Order 92 Rules of the High Court +2 more

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Parties

Applicant (unnamed in judgment)

Applicant

62 unclaimed clients

Respondents/beneficiaries

Procedural Posture

Application Under S62 Trustee Ordinance and Order 92 Rules of the High Court / Decision/determination

Legal Issues

  1. 1 Whether the applicant holds the specified cash as trustee for the 62 clients
  2. 2 Whether the court should grant leave to pay the unclaimed client monies into court under s62 Trustee Ordinance and Order 92
  3. 3 Whether notice requirements under Order 92 can be satisfied by newspaper advertisements and letters to last known addresses

Ratio Decidendi

The specified items of cash were held by the applicant as trustee for the 62 unclaimed clients; the court granted leave to pay HK$108,285.90 into court and ordered that notice by advertisement and letters to last known addresses within 7 days would satisfy Order 92 r4; no order as to costs.

Court Disposition

Application granted in part with declarations and directions to pay unclaimed client cash into court

Orders

  • Declaration that the items of cash set out in the schedule in Exhibit YHC-6 are held by the applicant as trustee for the 62 unclaimed clients
  • Applicant has leave to pay into court the unclaimed clients' cash particularised in the schedule