Representation of HSBC Global Asset Management (International) Limited (In Liquidation) [2019] JRC 148 (26 July 2019)

Representation of HSBC Global Asset Management (International) Limited (In Liquidation) [2019] JRC 148 (26 July 2019)

It is reasonable and appropriate for the Court to authorise the transfer of unclaimed client cash assets held by a company in liquidation to the Receiver General, where all reasonable efforts to identify and contact the clients have failed, and where a mechanism exists for potential future claims by the clients, in order to allow the orderly winding up and dissolution of the company.

Citation
[2019] JRC 148
Parties
Representor: AMJE; Respondent: Receiver General
Jurisdiction
Jersey
Judgment Date
26 July 2019
Procedural Posture
Representation (directions in Liquidation) / Final Judgment on Application for Directions
Outcome
Application granted
Legal Topics
Liquidation of Company, Unclaimed Client Assets, Court Directions in Winding Up, Transfer of Assets to Receiver General
Insolvency Company Law Liquidation of Company Unclaimed Client Assets Court Directions in Winding Up Transfer of Assets to Receiver General

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Parties

AMJE

Representor

Receiver General

Respondent

Procedural Posture

Representation (directions in Liquidation) / Final Judgment on Application for Directions

Legal Issues

  1. 1 Whether the Court should authorise the transfer of unclaimed client cash assets held by a company in liquidation to the Receiver General under Article 186A of the Companies (Jersey) Law 1991

Ratio Decidendi

It is reasonable and appropriate for the Court to authorise the transfer of unclaimed client cash assets held by a company in liquidation to the Receiver General, where all reasonable efforts to identify and contact the clients have failed, and where a mechanism exists for potential future claims by the clients, in order to allow the orderly winding up and dissolution of the company.

Court Disposition

Application granted

Orders

  • The Joint Liquidators of AMJE are authorised to appoint the cash assets held on behalf of unknown clients to the Receiver General under the agreed arrangements.
  • No costs are to be taken from the cash assets as they are not an asset of AMJE.