Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Trustee powers under section 56

Legal area

Court

7 Aug 2024

RE MASTERLINK SECURITIES (HONG KONG) CORPORATION LTD

Citation

[2024] HKCFI 2069
Court

Court of First Instance
Case number

HCMP1031/2024

Court was satisfied the applicant held the assets as trustee and had made reasonable efforts to contact beneficiaries; accordingly it was expedient to order the unclaimed cash and securities to be paid into Court and the draft order was made with the addition that no payment into Court be effected before filing of the Amended Originating Summons.
1 Feb 2023

RE MTF SECURITIES LTD

Citation

[2023] HKCFI 312
Court

Court of First Instance
Case number

HCMP2065/2022

The court was satisfied the applicant held the assets as trustee and had taken reasonable steps to trace eight uncontactable clients; accordingly, an order under section 62 was appropriate to pay unclaimed cash and listed securities into court and to deposit the Mountbatten share certificate, and an order under section 56 was appropriate to grant the applicant power to sell or otherwise dispose (including forfeiture) of the securities of the delisted and wound-up SMI Holdings Group Limited; costs assessed at $88,053 were to be paid to the applicant out of the unclaimed cash.