20 Dec 2000
RE FORLUXE SECURITIES LTD.
- Citation
- RE FORLUXE SECURITIES LTD.
- Court
- Court of First Instance
- Case number
- HCCW311/1998
Clients' entitlements to shares held by Forluxe are proprietary trusts; because documentary and operational records prevented identification between cash and margin clients the appropriate method for allocating shares where there is a shortfall is an ex post facto pari passu rateable distribution within each line of stock; liquidators' reasonable fees may be paid from trust assets; and the SFC's statutory subrogation under s.118 is limited to the proportion that its payment bears to the claimant's total loss.