Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 21 FEBRUARY 2023

Liquidators Beware: An Alternative To Quincecare

Conyers
Conyers
Contributor
Conyers

Conyers

For over 25 years Conyers’ London office has provided time-zone sensitive advice and support to our...

View firm profile
Explore more from Conyers

The Quincecare duty has become a popular tool for companies (or their liquidators) to claim against banks for funds misappropriated on wrongful payment instructions.

Hong KongLitigation, Mediation & Arbitration
Norman Hau
Norman Hau
Manwa Yip
Manwa Yip
Author LinkedIn connections

The Quincecare duty has become a popular tool for companies (or their liquidators) to claim against banks for funds misappropriated on wrongful payment instructions. It requires a bank to refrain from executing a payment order if and for so long as it was put on inquiry by having reasonable grounds for believing that the order was an attempt to misappropriate funds. The duty was established in Barclays Bank plc v Quincecare Ltd1 and endorsed by the UK Supreme Court ("UKSC") in Singularis Holdings Ltd (in liquidation) v Daiwa Capital Markets Europe Ltd2 .

In 2022 and 2023, the UKSC and Privy Council delivered judgments and heard appeal in respect of the scope of the Quincecare duty. In JP SPC 4 v Royal Bank of Scotland International Ltd3 , the Privy Council confirmed that the Quincecare duty is limited to protecting the bank's customer and does not extend to a beneficial owner of the monies in the customer's account. In Stanford International Bank Ltd (in

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

US$1.8 Billion At Risk: Hong Kong’s Cross-Border Asset Preservation Power In The Zong Family Trust Dispute

When substantive proceedings unfold in one jurisdiction while key assets sit in another, can courts preserve those assets without determining ownership? The Hong Kong Court of Appeal's decision in Jacky Zong v Kelly Fuli Zong addresses this critical question in cross-border family wealth disputes, examining whether preservation orders under section 21M require proof of dissipation risk, whether applicants must first seek relief from foreign courts, and how disclosure orders can ensure effective asset preser
Hong KongLitigation, Mediation & Arbitration
Jincheng Tongda & Neal
Jincheng Tongda & Neal
Podcast

Inside HKIAC: 2025 Arbitration Trends And What Comes Next (Podcast)

The Hong Kong International Arbitration Centre processed 582 new cases worth $16.2 billion in 2025, involving parties from 61 jurisdictions. HKIAC Secretary-General Joanne Lau discusses emerging trends in international arbitration, including cryptocurrency disputes, arbitrator diversity initiatives, and the strategic advantages of Hong Kong's interim measures arrangement with Mainland China.
Hong KongLitigation, Mediation & Arbitration
Bracewell LLP
Bracewell LLP
Article

Hong Kong Sets Aside USD 481.6 Million Award: The Duty To Address The Defence Actually Advanced

The Hong Kong Court of First Instance set aside a USD 481.6 million arbitral award after finding that the tribunal failed to address the actual estoppel defence presented by the respondents. The court distinguished between a tribunal rejecting arguments on their merits versus failing to determine the essential issue actually advanced, emphasizing that tribunals must address the specific case presented rather than a materially different question.
Hong KongLitigation, Mediation & Arbitration
Aceris Law
Aceris Law
Article

Hong Kong Launches Stakeholder Consultation On Arbitration Law Reform

Hong Kong launches a stakeholder consultation on proposed amendments to its Arbitration Ordinance, marking the most significant update since 2011. The recommendations include changes to jurisdictional rules, tribunal powers, and enforcement mechanisms, forming part of Hong Kong's broader strategy to strengthen its position as an international legal and dispute resolution hub.
Hong KongLitigation, Mediation & Arbitration
Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
Article

Hong Kong Court Of Final Appeal Clarifies The Approach For Foreign Illegality Defence In Unjust Enrichment Claims

The Hong Kong Court of Final Appeal has issued a landmark ruling on the foreign illegality defence in unjust enrichment claims, formally adopting the flexible "range of factors" approach from Patel v Mirza. The decision clarifies when parties can recover funds through restitution even when the underlying cross-border contract is unenforceable due to foreign law violations, establishing critical distinctions between contractual and restitutionary remedies.
Hong KongLitigation, Mediation & Arbitration
Fangda Partners
Fangda Partners
Article

Stablecoin Regulation 2026: Key Takeaways From Stablecoin Week And The Clarity Act Vote

The failure of the Digital Asset Market Clarity Act in the US Senate leaves cryptocurrency market participants navigating regulatory uncertainty, while major blockchain networks accelerate infrastructure development to integrate traditional banks onto stablecoin payment rails. Cross-border payments emerge as a dominant use case, with stablecoins offering faster, cheaper international settlements than correspondent banking, though compliance frameworks must evolve to match real-time transaction speeds.
Cayman IslandsFinance and Banking
Conyers
Conyers
Article

The Cayman Islands Makes Its Mark At The NAIC 2026 Summer National Meeting

The Cayman Islands has formally applied for Qualified Jurisdiction Status with the NAIC, marking a pivotal moment for its insurance sector. As regulators advance significant changes to risk-based capital requirements for offshore reinsurance and intensify scrutiny of private credit investments, stakeholders face a transforming regulatory landscape that will reshape capital treatment and competitive positioning.
Cayman IslandsInsurance
Conyers
Conyers
Article

SGX Mainboard & Catalist Public Companies Report L H1 2026

Singapore's capital markets are experiencing a significant transformation driven by the MAS-led Equity Market Development Programme, which has injected S$6.5 billion in liquidity and sparked a revival in IPO activity. With over 20 companies preparing to go public and new cross-border listing infrastructure connecting SGX with Nasdaq, the market is showing signs of meaningful structural reform and growing institutional confidence.
SingaporeFinance and Banking
Conyers
Conyers
Article

BVI Annual Returns: Preparation For Upcoming Deadline – 30 September 2026

BVI companies must file annual returns containing balance sheets and income statements with their registered agents. Companies with a December 31 year-end face a September 30, 2026 deadline, while others must file within nine months of their financial year-end. Conyers offers preparation services starting at $1,500 for simple holding companies and provides secure online filing through their client portal.
British Virgin IslandsCorporate/Commercial Law
Conyers
Conyers
Article

Hong Kong’s Uncertificated Securities Market Regime: What Cayman Islands And Bermuda Issuers Need To Know

Hong Kong's uncertificated securities market regime, launching November 2026, eliminates paper share certificates for listed securities, requiring electronic title holding through approved registrar systems. Cayman Islands and Bermuda issuers must transition within five years, necessitating constitutional document amendments and new operational procedures. Companies need to appoint approved securities registrars, plan shareholder approvals, and ensure compliance before their assigned transition dates.
Hong KongCorporate/Commercial Law
Conyers
Conyers