5 Mar 2020
RE THE JOINT AND SEVERAL LIQUIDATORS OF BANKAMERICA NOMINEES (HONG KONG) LTD (IN MEMBERS’ VOLUNTARY LIQUIDATION)
- Citation
- [2020] HKCFI 399
- Court
- Court of First Instance
- Case number
- HCMP2023/2018
The unclaimed cash and securities held by the nominee company are trust assets for unidentified clients; the court may authorise the realisation of readily realizable securities and payment of cash or sale proceeds into court under ss56 and 62 Trustee Ordinance, but the liquidators' costs cannot be deducted without taxation because the statutory regime under Cap 32 s196(2) and Cap 32H r176(1) mandates taxation of liquidators' fees and the court has no power to dispense with that requirement.