4 Nov 2013
FINNIGAN and VAN DELDEN v YUAN FU CAPITAL MARKETS LIMITED (In Liquidation) [2013] NZHC 2899
- Citation
- [2013] NZHC 2899
- Court
- High Court
Funds and shares held by Yuan Fu at the date of liquidation (except interest earned post-liquidation and commissions on sale) are held on trust for investors; because tracing individual investors' contributions to particular assets was impracticable on the evidence, the equitable course is to pool and sell shares and distribute all trust assets pari passu to investors with proved claims after deducting and allowing liquidators' remuneration (which the court approved and permitted to be charged to trust assets); time for claims closed and leave reserved for successful tracing claims and other…