Hong Kong Case Law: Decisions & Judgments

Topic

Notice to beneficiaries

Legal area

Court

6 Feb 2025

RE SECURIS CAPITAL LTD

Citation

[2025] HKCFI 605
Court

Court of First Instance
Case number

HCMP35/2025

Assets were held on trust; the applicant demonstrated reasonable and repeated efforts to contact beneficiaries but 35 remained unresponsive; accordingly the court exercised its discretion under sections 56 and 62 Trustee Ordinance to permit sale of unclaimed stock and payment of unclaimed USD and HKD cash into court, subject to prescribed notification, and discharged the trustee upon compliance.
7 Aug 2024

RE MASTERLINK SECURITIES (HONG KONG) CORPORATION LTD

Citation

[2024] HKCFI 2069
Court

Court of First Instance
Case number

HCMP1031/2024

Court was satisfied the applicant held the assets as trustee and had made reasonable efforts to contact beneficiaries; accordingly it was expedient to order the unclaimed cash and securities to be paid into Court and the draft order was made with the addition that no payment into Court be effected before filing of the Amended Originating Summons.
7 Jun 2024

RE PUBLIC SECURITIES LTD

Citation

[2024] HKCFI 1526
Court

Court of First Instance
Case number

HCMP601/2024

The court held that the Unclaimed Assets are trust property, the applicant had taken all reasonable steps to locate and notify beneficiaries, and it was appropriate to exercise the court’s discretion under s.62 to pay cash into court and deposit share certificates, and under s.56 to permit sale of shares where certificates cannot be obtained and forfeiture of delisted shares where justified.
27 Mar 2024

RE GT CAPITAL LTD

Citation

[2024] HKCFI 1007
Court

Court of First Instance
Case number

HCMP250/2024

The court was satisfied on the evidence that the applicant held the monies and securities as trustee and had used reasonable and sufficient endeavours to notify and obtain instructions from beneficiaries over a period exceeding two years; accordingly the court exercised its discretion under ss56 and 62 of the Trustee Ordinance and Order 92 to authorise the applicant to dispose of the unclaimed assets and to recover the costs of the application from the unclaimed cash.
16 Aug 2022

RE QUEST STOCKBROKERS (HK) LTD

Citation

[2022] HKCFI 2578
Court

Court of First Instance
Case number

HCMP655/2022

The applicant established that the assets were held as trustee and that reasonable efforts to contact beneficiaries had been made; therefore it was expedient to permit payment of the unclaimed cash and securities into court, permit sale/realisation and withdrawal/deposit of share certificates, and to allow deduction of assessed costs and advertising fees from the assets, with the applicant discharged upon compliance.
14 Sept 2015

RE OUNG CHIN LIANG FUNG

Citation

RE OUNG CHIN LIANG FUNG
Court

Court of First Instance
Case number

HCMP2347/2015

The application for a grant ad colligenda bona was refused because the applicant failed to justify urgent ex parte relief: key factors included the presence of competing BVI proceedings and the fact that the assets are BVI company shares, the applicant's delay and inadequate explanation for urgency, insufficient evidence that the proposed sale was at undervalue, inadequate notice to beneficiaries, and real risk of prejudice to the listed company and its creditors; therefore the court would not displace the statutory entitlement to representation or grant emergency administrators in Hong Kong…
19 Jul 2013

RE YU ON SECURITIES CO LTD

Citation

RE YU ON SECURITIES CO LTD
Court

Court of First Instance
Case number

HCMP1296/2013

The applicant was a trustee of the client cash and securities; having made reasonable and repeated efforts to notify and locate clients, the court granted the applicant's application under ss.56 and 62 Trustee Ordinance to pay unclaimed property into court, authorized withdrawal of specified Singaporean shares in the name of the Registrar for deposit, deemed the applicant to have complied with Order 92 subject to advertisement and letters, and authorised the applicant to deal with/delimit and discharge obligations in respect of delisted securities.

Hong Kong Case Law

RE SECURIS CAPITAL LTD

RE MASTERLINK SECURITIES (HONG KONG) CORPORATION LTD

RE PUBLIC SECURITIES LTD

RE GT CAPITAL LTD

RE QUEST STOCKBROKERS (HK) LTD

RE OUNG CHIN LIANG FUNG

RE YU ON SECURITIES CO LTD