RE UNI-ALPHA SECURITIES LTD AND ANOTHER

RE UNI-ALPHA SECURITIES LTD AND ANOTHER

The court held that the cash and securities detailed in the schedules are beneficially owned by the named clients and are held on trust by the applicants; accordingly the applicants must pay those unclaimed assets into court under section 62 Trustee Ordinance and give advertisement notice under Order 92, with payment-out and ultimate dealing to follow the procedures of Order 92 and Rule 23 Suitors Fund Rules.

Citation
RE UNI-ALPHA SECURITIES LTD AND ANOTHER
Parties
1st Applicant: Uni-Alpha Securities Limited; 2nd Applicant: Uni-Alpha Futures Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 June 2006
Case Number
HCMP714/2006
Procedural Posture
Ex Parte Miscellaneous Proceedings Under Trustee Ordinance and Order 92 Rules of the High Court / Judgment (ex Parte Application)
Outcome
Declarations made that specified persons are clients and that listed cash and securities are trust property; applicants ordered to pay unclaimed cash and securities into court; advertisement and monthly notice regime ordered; unclaimed assets to be dealt with under Order 92 and Rule 23 Suitors Fund Rules; service on...
Legal Topics
Unclaimed Client Assets, Payment Into Court, Cessation of Regulated Activities, Service of Process for Ex Parte Applications
Source Language
EN
Trusts Securities Regulation Civil Procedure Unclaimed Client Assets Payment Into Court Cessation of Regulated Activities Service of Process for Ex Parte Applications

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Parties

Uni-Alpha Securities Limited

1st Applicant

Uni-Alpha Futures Limited

2nd Applicant

Procedural Posture

Ex Parte Miscellaneous Proceedings Under Trustee Ordinance and Order 92 Rules of the High Court / Judgment (ex Parte Application)

Legal Issues

  1. 1 Whether cash and securities held by the applicants are held on trust for their respective clients
  2. 2 Whether the applicants can be ordered to pay unclaimed client assets into court under section 62 Trustee Ordinance and dealt with under Order 92 Rules of the High Court
  3. 3 Whether service of cessation notices and service of proceedings to significant clients was sufficient to permit an ex parte hearing

Ratio Decidendi

The court held that the cash and securities detailed in the schedules are beneficially owned by the named clients and are held on trust by the applicants; accordingly the applicants must pay those unclaimed assets into court under section 62 Trustee Ordinance and give advertisement notice under Order 92, with payment-out and ultimate dealing to follow the procedures of Order 92 and Rule 23 Suitors Fund Rules.

Court Disposition

Declarations made that specified persons are clients and that listed cash and securities are trust property; applicants ordered to pay unclaimed cash and securities into court; advertisement and monthly notice regime ordered; unclaimed assets to be dealt with under Order 92 and Rule 23 Suitors Fund Rules; service on...

Orders

  • Declaration that persons listed in Schedule A are clients of the 1st applicant
  • Declaration that persons listed in Schedule B are clients of the 2nd applicant