11 Jun 2015
RE MF GLOBAL HONG KONG LTD
- Citation
- RE MF GLOBAL HONG KONG LTD
- Court
- Court of First Instance
- Case number
- HCCW356/2011
The court ordered that Trust Costs be borne pari passu by Qualifying Clients and paid from Client Money (a Berkley Applegate order) and held that Qualifying Clients may prove as unsecured creditors for any shortfall arising from deduction of Trust Costs or from a deficiency in the Client Money pool because the RCA did not exclude liability for a trustee's failure to return trust assets and the Berkley Applegate principle does not preclude recourse against the company for loss caused by the company's breach of duty.