28 Jan 2003
RE LAM FUNG
- Citation
- RE LAM FUNG
- Court
- Court of First Instance
- Case number
- HCBI927/2002
Section 128(1) of the Bankruptcy Ordinance applies to funds referred to in Rule 122C(2)(j); unclaimed dividends (funds held for payment to creditors but not collected) falling within Rule 122C(2)(j) must be dealt with in accordance with s128(1). The statutory duty is mandatory and parties cannot contract out of it. A nominee may either retain unclaimed funds until the six-month threshold and then pay them to the Official Receiver, or pay them to the Official Receiver upon termination of the IVA to obtain discharge; proposals must reflect s128(1).