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

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

The court concluded that the Liquidators satisfied the requirements of s.67 Trustee Ordinance (notification, advertisement, affirmation) and, with the Official Trustee's consent, were entitled to pay the Residual Unclaimed Trust Cash into court; separately, sums held for companies dissolved vest as bona vacantia under s.292 Companies Ordinance and the Liquidators were entitled to pay those sums to the Government. Orders in terms of the summonses were therefore made.

Citation
RE C.A. PACIFIC SECURITIES LTD (in Liquidation)
Parties
Applicants: Liquidators of C.A. Pacific Securities Limited; Company (in Liquidation): C.A. Pacific Securities Limited (in Liquidation); Respondent / Consenting Party: Official Trustee (Official Solicitor); Interested Party: Official Receiver; Interested Party: Government of the Hong Kong SAR
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
24 July 2009
Case Number
HCCW37/1998
Procedural Posture
Companies (winding Up) Action; Applications Under Trustee Ordinance S.67 and Companies Ordinance S.292 / Decision on Summonses (chambers Hearing)
Outcome
Orders granted in terms of both summonses.
Legal Topics
Unclaimed Trust Assets, Bona Vacantia, Payment Into Court, Dissolution of Companies, Official Trustee
Source Language
EN
Company Law Trust Law Insolvency Law Unclaimed Trust Assets Bona Vacantia Payment Into Court Dissolution of Companies Official Trustee

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Parties

Liquidators of C.A. Pacific Securities Limited

Applicants

C.A. Pacific Securities Limited (in Liquidation)

Company (in Liquidation)

Official Trustee (Official Solicitor)

Respondent / Consenting Party

Official Receiver

Interested Party

Government of the Hong Kong SAR

Interested Party

Procedural Posture

Companies (winding Up) Action; Applications Under Trustee Ordinance S.67 and Companies Ordinance S.292 / Decision on Summonses (chambers Hearing)

Legal Issues

  1. 1 Whether liquidators may pay residual unclaimed trust cash into court under s.67 of the Trustee Ordinance
  2. 2 Whether cash held for companies that have been dissolved vests as bona vacantia and may be paid to the Government under s.292 of the Companies Ordinance
  3. 3 Whether the liquidators complied with the statutory and procedural requirements (advertisement and notification) for dealing with unclaimed trust moneys

Ratio Decidendi

The court concluded that the Liquidators satisfied the requirements of s.67 Trustee Ordinance (notification, advertisement, affirmation) and, with the Official Trustee's consent, were entitled to pay the Residual Unclaimed Trust Cash into court; separately, sums held for companies dissolved vest as bona vacantia under s.292 Companies Ordinance and the Liquidators were entitled to pay those sums to the Government. Orders in terms of the summonses were therefore made.

Court Disposition

Orders granted in terms of both summonses.

Orders

  • Liquidators permitted to pay the Residual Unclaimed Trust Cash into court to be dealt with by the Official Trustee pursuant to s.67 Trustee Ordinance (Cap.29).
  • Liquidators permitted to pay approximately HK$3,500,000 held for dissolved companies to the Government as bona vacantia pursuant to s.292 Companies Ordinance (Cap.32).