14 Oct 2008
THE JOINT AND SEVERAL LIQUIDATORS OF NAVA SC SECURITIES LTD AND ANOTHER v. THE OFFICIAL TRUSTEE
- Citation
- THE JOINT AND SEVERAL LIQUIDATORS OF NAVA SC SECURITIES LTD AND ANOTHER v. THE OFFICIAL TRUSTEE
- Court
- Court of First Instance
- Case number
- HCMP1038/2008
The court held that the assets in question were trust assets; assets for identified clients may be paid into court or transferred to the Official Trustee under ss 67 and 68 (except where the beneficiary company is dissolved, in which case the assets vest as bona vacantia under s292); assets for unidentified clients are also trust assets but should be dealt with by payment into court under s62 rather than ss 67/68; the fallback s268 disclaimer application was unnecessary as the primary remedies disposed of the assets; Liquidators' costs are to be pro-rated across client groups.