7 Mar 2024
RE GLS SECURITIES LTD
- Citation
- [2024] HKDC 401
- Court
- District Court
- Case number
- DCMP2779/2023
The Company holds the identified cash and securities as trustee under s.62; it made reasonable and multiple efforts to notify and obtain instructions from clients but 24 clients left assets unclaimed (including unidentified cash). On that basis and relying on established authorities, the Court granted leave to pay unclaimed cash into Court, to sell/realise securities and pay proceeds into Court and to dispose of unsaleable securities, subject to notice, and discharged the Company from further obligation on compliance with the orders.