RE YUE XIU FUTURES COMPANY LTD

RE YUE XIU FUTURES COMPANY LTD

The Unclaimed Cash constituted trust property held by the applicant as trustee, and having satisfied the court that it had taken all reasonable steps to locate and notify beneficiaries, the court exercised its discretion under s.62 to permit pooling of the funds, payment of part to meet the applicant's costs and...

Source-derived case information.

Citation
[2024] HKCFI 1069
Parties
Applicant/trustee: Yue Xiu Futures Company Limited (越秀期貨有限公司)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
11 April 2024
Case Number
HCMP196/2023
Procedural Posture
Miscellaneous Proceedings (payment Into Court Under Trustee Ordinance) / Decision on Ex Parte Originating Summons
Outcome
Order granted in terms of the draft order: liberty to pool the Unclaimed Cash, use part to settle costs of the application, and pay the balance into court; applicant to give lodgment notice under RHC O.92 r.4.
Legal Topics
Payment Into Court, Unclaimed Trust Property, Duty to Locate Beneficiaries, Court Discretion to Allow Payment in
Source Language
en
Trusts Trustee Law Securities Regulation Civil Procedure Payment Into Court Unclaimed Trust Property Duty to Locate Beneficiaries Court Discretion to Allow Payment in

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Parties

Yue Xiu Futures Company Limited (越秀期貨有限公司)

Applicant/trustee

Procedural Posture

Miscellaneous Proceedings (payment Into Court Under Trustee Ordinance) / Decision on Ex Parte Originating Summons

Legal Issues

  1. 1 Whether the funds constituted trust property held by the applicant as trustee
  2. 2 Whether the applicant had taken all reasonable steps to locate and notify beneficiaries and return their assets
  3. 3 Whether the court should exercise its discretion to allow payment of the unclaimed funds into court

Ratio Decidendi

The Unclaimed Cash constituted trust property held by the applicant as trustee, and having satisfied the court that it had taken all reasonable steps to locate and notify beneficiaries, the court exercised its discretion under s.62 to permit pooling of the funds, payment of part to meet the applicant's costs and lodgment of the balance into court with appropriate notice.

Court Disposition

Order granted in terms of the draft order: liberty to pool the Unclaimed Cash, use part to settle costs of the application, and pay the balance into court; applicant to give lodgment notice under RHC O.92 r.4.

Orders

  • Liberty to the Applicant to pool the Unclaimed Cash, use part of it to settle the costs incurred in this application, and to pay the balance into court; Applicant to give notice of the lodgment pursuant to RHC O.92 r.4, in the terms of the draft order provided by counsel.