15 Aug 2023
RE THE JOINT AND SEVERAL LIQUIDATORS OF SHANGHAI SHENYIN SECURITIES (H.K.) LTD
- Citation
- [2023] HKCFI 2132
- Court
- Court of First Instance
- Case number
- HCMP405/2023
The court held that the company held the assets on trust and beneficiaries were unreachable, thus payment into court and related steps were ordered; however the court refused to permit deduction of the liquidators' fees and solicitors' costs from the Unclaimed Assets and made no order as to costs because the company's deficient record-keeping substantially caused the tracing expense and it would be unfair to require a single major beneficiary to bear disproportionate costs.