Hong Kong Case Law: Decisions & Judgments

Topic

Payment into court under trustee ordinance s62

Legal area

Court

16 Aug 2022

RE QUEST STOCKBROKERS (HK) LTD

Citation

[2022] HKCFI 2578
Court

Court of First Instance
Case number

HCMP655/2022

The applicant established that the assets were held as trustee and that reasonable efforts to contact beneficiaries had been made; therefore it was expedient to permit payment of the unclaimed cash and securities into court, permit sale/realisation and withdrawal/deposit of share certificates, and to allow deduction of assessed costs and advertising fees from the assets, with the applicant discharged upon compliance.
10 Sept 2019

RE C. A. PACIFIC SECURITIES LTD

Citation

[2019] HKCFI 2152
Court

Court of First Instance
Case number

HCCW37/1998

Given the very small and widely dispersed residual and refund trust monies and the Official Solicitor's view, the Court approved a pragmatic distribution regime: sums under HK$200 need not be paid to individual clients and may be applied to distribution costs; cheques unbanked within six months are unclaimed and, for dissolved corporate clients, may be paid to the Government under s752 CO, and for others may be paid into Court under s62 TO with advertisement and application rights preserved; SFC subrogation is preserved; and the Liquidators' Trust Fees of HK$13,629,289.10 were assessed and ap…
18 Apr 2018

RE GLENLYON LTD

Citation

[2018] HKCFI 1038
Court

Court of First Instance
Case number

HCMP2372/2017

The applicant holds the AUD319,142.46 as trustee and the court has jurisdiction under section 62 of the Trustee Ordinance to allow payment into court where the trustee has control of trust money and cannot obtain a discharge; the applicant made sufficient efforts to identify beneficiaries, therefore leave to pay into court was granted subject to court-ordered notice procedures and costs to be paid from the fund.
21 Jun 2005

RE CELESTIAL FINANCE LTD AND ANOTHER

Citation

RE CELESTIAL FINANCE LTD AND ANOTHER
Court

Court of First Instance
Case number

HCMP657/2005

The court declared that the cash and securities held by the applicants on behalf of non-responsive clients are held on trust and granted the application to pay the unclaimed cash and deposit the unclaimed securities into court under section 62 of the Trustee Ordinance and Order 92; it ordered specified advertising and directed that any unclaimed assets be dealt with in accordance with Rule 23 of the High Court Suitors Fund Rules.

Hong Kong Case Law

RE QUEST STOCKBROKERS (HK) LTD

RE C. A. PACIFIC SECURITIES LTD

RE GLENLYON LTD

RE CELESTIAL FINANCE LTD AND ANOTHER