11 Apr 2024
The Unclaimed Cash constituted trust property held by the applicant as trustee, and having satisfied the court that it had taken all reasonable steps to locate and notify beneficiaries, the court exercised its discretion under s.62 to permit pooling of the funds, payment of part to meet the applicant's costs and lodgment of the balance into court with appropriate notice.
22 Oct 2013
The court declared that cash and securities held by the company on behalf of its clients are trust assets, and ordered that assets for clients who can be identified but not contacted be paid into court pursuant to sections 67 and 68, and that assets for clients who cannot be identified be paid into court pursuant to section 62; the court granted the orders in the terms of the drafts provided.
19 Jul 2013
The applicant was a trustee of the client cash and securities; having made reasonable and repeated efforts to notify and locate clients, the court granted the applicant's application under ss.56 and 62 Trustee Ordinance to pay unclaimed property into court, authorized withdrawal of specified Singaporean shares in the name of the Registrar for deposit, deemed the applicant to have complied with Order 92 subject to advertisement and letters, and authorised the applicant to deal with/delimit and discharge obligations in respect of delisted securities.
1 Dec 2005
Directions granted: net claims are to be assessed by deducting shares returned from original holdings and valuing the remainder at the closing price on the date of the winding-up orders (7 July 1998); proofs in respect of margin accounts maintained in the name of KFS must be submitted by KFS on behalf of itself and its clients; specified unclaimed proceeds are to be paid into court with advertisement and a three‑month claim period then transferred to general revenue; the liquidators may apply specified unallocatable proceeds (HKD 506,920) to meet the shortfall in fees and costs; costs of the…
21 Jun 2005
The court declared that the cash and securities held by the applicants on behalf of non-responsive clients are held on trust and granted the application to pay the unclaimed cash and deposit the unclaimed securities into court under section 62 of the Trustee Ordinance and Order 92; it ordered specified advertising and directed that any unclaimed assets be dealt with in accordance with Rule 23 of the High Court Suitors Fund Rules.
5 Nov 2003
The court declared the unclaimed cash and securities were held on trust for clients and, exercising powers under the Trustee Ordinance, authorized the liquidators to realize saleable securities (s56), pay proceeds and unclaimed cash into court and to deposit valueless securities (s62); the court approved a limited three-month period for claims in court after which remaining funds and securities would be transferred to general revenue, and rejected a broad construction of Companies Ordinance s285 as a basis for treating third party trust property as company assets available for distribution to…
5 Nov 2003
The court declared the unclaimed cash and securities were held on trust for the identifiable clients; it held that the appropriate route was to realise saleable securities under Trustee Ordinance s56 and to deposit proceeds and valueless or unsaleable securities into court under s62, provide a three‑month claims period in court and then transfer any remaining unclaimed funds or securities to general revenue, rather than adopting a broad construction of Companies Ordinance s285 to treat third‑party trust assets as company assets.