Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Unclaimed securities

  • 30 Oct 2019

    RE EVERHOT SECURITIES LTD

    Citation
    [2019] HKDC 1464
    Court
    District Court
    Case number
    DCMP2697/2019

    The court found the applicant holds the unclaimed securities as trustee, the applicant took reasonable and sufficient steps to notify residual clients, and practical impediments (Registrar not a CCASS participant) justify authorising the applicant to sell or otherwise dispose of the unclaimed securities under s56 TO and pay net proceeds into court under s62 TO to end the trust and discharge trustee obligations; for unsaleable shares where the beneficial owner has abandoned claim (600 shares in 401 Holdings Ltd), the court granted liberty to deal with them including forfeiture and discharged t…

  • 4 Jan 2018

    RE X LTD

    Citation
    [2018] HKCFI 15
    Court
    Court of First Instance
    Case number
    HCMP1658/2017

    The court found the assets were trust property and that the applicant had taken reasonable steps to contact and identify beneficiaries; accordingly, under section 62 the court authorised sale or disposal of the unclaimed securities and dividends with proceeds paid into court, permitted delivery of share certificates to the Registrar after three months if unsold, allowed disposal of minimal/expired dividend cheques, and discharged the applicant from further obligations in respect of those assets.