Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Cessation of securities business

Legal area

Court

29 Mar 2023

RE YING WAH SECURITIES COMPANY LTD

Citation

[2023] HKCFI 834
Court

Court of First Instance
Case number

HCMP279/2023

Court held that the Applicant was trustee of the unclaimed cash and securities and had made reasonable efforts to contact beneficiaries; accordingly the Court granted leave under ss.56 and 62 Trustee Ordinance and Order 92 to (a) withdraw and pay into Court physical share certificates insofar as practicable, (b) transfer specified securities to BCC to hold for the Wong estates, (c) sell or otherwise dispose of securities that cannot be withdrawn (including forfeiture) and pay proceeds into Court, (d) permit the Applicant to apply HK$70,400 of unclaimed cash to costs of the application, and (e…
14 Oct 2022

RE KWAI HUNG SECURITIES CO LTD

Citation

[2022] HKDC 1038
Court

District Court
Case number

DCMP2605/2021

The court was satisfied the assets were held by the applicant as trustee and that the applicant made reasonable and documented efforts to identify and contact beneficiaries; accordingly the court granted the applicant's ex parte application to pay the unclaimed client cash and securities into court and authorised disposal (including unsaleable shares under s56(1) TO) in terms of the revised draft order.