5 Nov 2003
RE PEREGRINE FUTURES HONG KONG LTD
- Citation
- RE PEREGRINE FUTURES HONG KONG LTD
- Court
- Court of First Instance
- Case number
- HCMP2739/2003
The court declared the unclaimed cash and securities were held on trust for the identifiable clients; it held that the appropriate route was to realise saleable securities under Trustee Ordinance s56 and to deposit proceeds and valueless or unsaleable securities into court under s62, provide a three‑month claims period in court and then transfer any remaining unclaimed funds or securities to general revenue, rather than adopting a broad construction of Companies Ordinance s285 to treat third‑party trust assets as company assets.