27 Apr 2007
RE DEREK LAI KAR YAN AND ANOTHER, JOINT AND SEVERAL LIQUIDATORS OF NEW JAPAN SECURITIES INTERNATIONAL (HK) LTD
- Citation
- RE DEREK LAI KAR YAN AND ANOTHER, JOINT AND SEVERAL LIQUIDATORS OF NEW JAPAN SECURITIES INTERNATIONAL (HK) LTD
- Court
- Court of First Instance
- Case number
- HCMP373/2007
The court held that the securities and cash held by the company were trust assets and it was expedient under Trustee Ordinance section 59(1) to allow the liquidators to sell the securities and, under section 62, to deposit the proceeds and cash (including future dividends) into court; however, the court refused to shorten the five‑year period in Rule 23(1) to an automatic three‑month transfer to General Revenue and adjourned the application relating to Mr Lu sine die with liberty to restore.