19 Jan 2007
RE TIFFIT SECURITIES (HONG KONG) LTD
- Citation
- RE TIFFIT SECURITIES (HONG KONG) LTD
- Court
- Court of First Instance
- Case number
- HCMP1479/2006
The court confirmed that clients hold proprietary interests in securities purchased by the broker and ordered that where available securities are insufficient the administrators must allocate on a pari passu ex post facto basis, subject to verification of claims, payment of proportionate expenses and an upfront processing fee from clients' entitlements, with statutory subrogation claims by the ICC to be satisfied as provided by s87 Cap.571; the court also authorised use of specified cash and fractional proceeds towards administrators' fees and creation of a Fees Account pending taxation.