30 Jun 2011
HSBC INSTITUTIONAL TRUST SERVICES (ASIA) LTD v. TIN LIK AND ANOTHER
- Citation
- HSBC INSTITUTIONAL TRUST SERVICES (ASIA) LTD v. TIN LIK AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMP242/2011
The trustee was entitled to distribute the entirety of the Trust's net assets without retention because the 1st defendant had been fully notified of the basis and extent of the set-offs since 2007, had repeatedly been given opportunity to challenge them yet did not commence proceedings; the set-offs had a solid contractual basis under the Sale and Purchase Agreement; service was properly effected; accordingly the risk of a successful claim did not justify withholding funds from unit holders.