RE C.A. PACIFIC FINANCE LTD (in Liquidation)

RE C.A. PACIFIC FINANCE LTD (in Liquidation)

Applying Ferris criteria and assessor's input, the court conducted a detailed category-by-category assessment applying proportionality/value-for-money reductions (including accepted assessor percentage reductions for early TFMs and specific reductions later), assessed total remuneration for administration of trust assets at HK$83,252,953 with disbursements HK$2,543,663, and ordered the Official Receiver to release HK$2,844,460 from provisional processing fees to the liquidators.

Citation
RE C.A. PACIFIC FINANCE LTD (in Liquidation)
Parties
Liquidators (applicants): PricewaterhouseCoopers; Company in Liquidation: C.A. Pacific Finance Limited (in liquidation); Regulator: Securities and Futures Commission; Stakeholder/respondent: The Official Receiver
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
28 August 2012
Case Number
HCCW37/1998
Procedural Posture
Companies (winding Up) Remuneration Assessment for Administration of Trust Assets / Decision on Applications for Remuneration (11 June 1998 to 30 June 2011)
Outcome
Application for remuneration partially allowed after detailed assessment; total remuneration for administration of trust assets assessed and specific interim payment ordered
Legal Topics
Liquidators' Remuneration, Administration of Trust Assets, Share Tracing and Allocation, Processing Fee, Proportionality and Value for Money
Source Language
EN
Company Law Insolvency Law Trusts Civil Procedure Accountancy/fees Assessment Liquidators' Remuneration Administration of Trust Assets Share Tracing and Allocation +2 more

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Parties

PricewaterhouseCoopers

Liquidators (applicants)

C.A. Pacific Finance Limited (in liquidation)

Company in Liquidation

Securities and Futures Commission

Regulator

The Official Receiver

Stakeholder/respondent

Procedural Posture

Companies (winding Up) Remuneration Assessment for Administration of Trust Assets / Decision on Applications for Remuneration (11 June 1998 to 30 June 2011)

Legal Issues

  1. 1 Whether clients held beneficial title to securities and thus trust assets
  2. 2 Whether liquidators may take remuneration and disbursements out of the trust assets
  3. 3 Appropriate principles and methodology for assessing liquidators' remuneration (including assessor's role)

Ratio Decidendi

Applying Ferris criteria and assessor's input, the court conducted a detailed category-by-category assessment applying proportionality/value-for-money reductions (including accepted assessor percentage reductions for early TFMs and specific reductions later), assessed total remuneration for administration of trust assets at HK$83,252,953 with disbursements HK$2,543,663, and ordered the Official Receiver to release HK$2,844,460 from provisional processing fees to the liquidators.

Court Disposition

Application for remuneration partially allowed after detailed assessment; total remuneration for administration of trust assets assessed and specific interim payment ordered

Orders

  • Official Receiver ordered to release HK$2,844,460 from the provisional processing fees account to the liquidators