Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Unclaimed funds

  • 30 May 2018

    RE HABIB FINANCE INTERNATIONAL LTD

    Citation
    [2018] HKCFI 1193
    Court
    Court of First Instance
    Case number
    HCMP711/2018

    The Court was satisfied on the affirmations that the listed sums are held by the Company on trust for the named customers and that reasonable efforts to notify them had been made; accordingly the Court ordered payment of the unclaimed sums into court under s.62 Trustee Ordinance and Order 92. The Court refused the application to pay sums purportedly belonging to struck off/deregistered companies into the Treasury as bona vacantia because there was no evidence as to when the Company acquired the sums, whether account holders held funds for third parties, and because such companies may be resto…

  • 18 Apr 2018

    RE GLENLYON LTD

    Citation
    [2018] HKCFI 1038
    Court
    Court of First Instance
    Case number
    HCMP2372/2017

    The applicant holds the AUD319,142.46 as trustee and the court has jurisdiction under section 62 of the Trustee Ordinance to allow payment into court where the trustee has control of trust money and cannot obtain a discharge; the applicant made sufficient efforts to identify beneficiaries, therefore leave to pay into court was granted subject to court-ordered notice procedures and costs to be paid from the fund.