12 Sept 2023
RE YIELDFUL SECURITIES LTD
- Citation
- [2023] HKDC 1223
- Court
- District Court
- Case number
- DCMP1272/2023
The court found the Unclaimed Assets were held on trust by the broker based on account opening agreements and business practice, and that the applicant had taken all reasonable steps to notify and contact clients; accordingly the court exercised its discretion under ss56 and 62 Trustee Ordinance to permit payment of cash into court, withdrawal of CCASS securities in the Registrar's name and deposit with the court, sale/forfeiture of non-withdrawable securities with proceeds paid into court, and allowed costs of HK$95,000 to be paid out of the Unclaimed Assets.