5 Nov 2003
RE PEREGRINE BROKERAGE LTD
- Citation
- RE PEREGRINE BROKERAGE LTD
- Court
- Court of First Instance
- Case number
- HCMP2736/2003
The court declared the unclaimed cash and securities were held on trust for clients and, exercising powers under the Trustee Ordinance, authorized the liquidators to realize saleable securities (s56), pay proceeds and unclaimed cash into court and to deposit valueless securities (s62); the court approved a limited three-month period for claims in court after which remaining funds and securities would be transferred to general revenue, and rejected a broad construction of Companies Ordinance s285 as a basis for treating third party trust property as company assets available for distribution to…