Intra-Group transfer and Quistclose trust in Hong Kong

In the recent case of China Life Trustees Limited v China Energy Reserve and Chemicals Group Overseas Company Limited and Others [2024] HKCFA 15, the Court of Final Appeal finally had the opportunity to consider with the infamous Quistclose trust after almost 50 years from its birth. The CFA considered (1) the requisite intention for the creation of a Quistclose trust and (2) whether an intra-group transfer shall preclude or indicate absence of any such intention.

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