Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Payment into court under trustee ordinance s62

  • 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.

    • Payment into court under trustee ordinance s62
    • Unclaimed assets
    • Notice to beneficiaries
    • Order 92 rules of the high court

  • 10 Sept 2019

    RE C. A. PACIFIC SECURITIES LTD

    Citation
    [2019] HKCFI 2152
    Court
    Court of First Instance
    Case number
    HCCW37/1998

    Given the very small and widely dispersed residual and refund trust monies and the Official Solicitor's view, the Court approved a pragmatic distribution regime: sums under HK$200 need not be paid to individual clients and may be applied to distribution costs; cheques unbanked within six months are unclaimed and, for dissolved corporate clients, may be paid to the Government under s752 CO, and for others may be paid into Court under s62 TO with advertisement and application rights preserved; SFC subrogation is preserved; and the Liquidators' Trust Fees of HK$13,629,289.10 were assessed and ap…

    • Distribution of trust monies
    • Unclaimed assets
    • Payment into court under trustee ordinance s62
    • Payment to government for dissolved companies under companies ordinance s752
    • Statutory subrogation of sfc
    • Approval of liquidators' remuneration

  • 18 Apr 2018

    RE GLENLYON LTD

    Citation
    [2018] HKCFI 1038
    Court
    Court of First Instance
    Case number
    HCMP2372/2017

    The applicant holds the AUD319,142.46 as trustee and the court has jurisdiction under section 62 of the Trustee Ordinance to allow payment into court where the trustee has control of trust money and cannot obtain a discharge; the applicant made sufficient efforts to identify beneficiaries, therefore leave to pay into court was granted subject to court-ordered notice procedures and costs to be paid from the fund.

    • Payment into court under trustee ordinance s62
    • Unclaimed funds
    • Notice and advertisement requirements
    • Costs on trustee basis

  • 21 Jun 2005

    RE CELESTIAL FINANCE LTD AND ANOTHER

    Citation
    RE CELESTIAL FINANCE LTD AND ANOTHER
    Court
    Court of First Instance
    Case number
    HCMP657/2005

    The court declared that the cash and securities held by the applicants on behalf of non-responsive clients are held on trust and granted the application to pay the unclaimed cash and deposit the unclaimed securities into court under section 62 of the Trustee Ordinance and Order 92; it ordered specified advertising and directed that any unclaimed assets be dealt with in accordance with Rule 23 of the High Court Suitors Fund Rules.

    • Payment into court under trustee ordinance s62
    • Order 92 rules of the high court
    • Unclaimed trust property
    • Transfer of margin accounts
    • Constructive trust