Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Client money

  • 11 Jun 2015

    RE MF GLOBAL HONG KONG LTD

    Citation
    RE MF GLOBAL HONG KONG LTD
    Court
    Court of First Instance
    Case number
    HCCW356/2011

    The court ordered that Trust Costs be borne pari passu by Qualifying Clients and paid from Client Money (a Berkley Applegate order) and held that Qualifying Clients may prove as unsecured creditors for any shortfall arising from deduction of Trust Costs or from a deficiency in the Client Money pool because the RCA did not exclude liability for a trustee's failure to return trust assets and the Berkley Applegate principle does not preclude recourse against the company for loss caused by the company's breach of duty.

  • 15 May 2012

    RE MF GLOBAL HONG KONG LTD

    Citation
    RE MF GLOBAL HONG KONG LTD
    Court
    Court of First Instance
    Case number
    HCCW356/2011

    The court granted the provisional liquidators' application: it authorized a second interim distribution up to HK$400,000,000, authorized pooling of client money and pari passu interim payments, and held that the costs of MF Global Singapore's provisional liquidators for attending the 4 May 2012 hearing are to be taxed and paid out of client money prior to any final distribution and borne pari passu by qualifying clients, on the basis that the Singapore liquidators' attendance was reasonable and they subsequently withdrew their objection.