14 Oct 2008
RE NAVA SC SECURITIES LTD
- Citation
- RE NAVA SC SECURITIES LTD
- Court
- Court of First Instance
- Case number
- HCMP1039/2008
The court declared that the assets in question were trust assets. Identified clients' assets could be paid into court or transferred to the Official Trustee under ss67 and 68 (except where the beneficiary company was dissolved, in which case s292 treats the property as bona vacantia). Assets for unidentified beneficiaries should be paid into court under s62. The liquidators were authorised to convert currency, sell securities where appropriate and to refrain from dealing with securities where uneconomical, and to recoup and apportion their costs rateably across the client groups.