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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 mFqsebI/w07N3BdHplcm6w==

<SEC-DOCUMENT>0001104659-05-007050.txt : 20050216
<SEC-HEADER>0001104659-05-007050.hdr.sgml : 20050216
<ACCEPTANCE-DATETIME>20050216180733
ACCESSION NUMBER:		0001104659-05-007050
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20050216
DATE AS OF CHANGE:		20050216

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRITICAL PATH INC
		CENTRAL INDEX KEY:			0001060801
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				911788300
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		320 FIRST STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		4158088800

	MAIL ADDRESS:	
		STREET 1:		320 FIRST STREET
		CITY:			SAN FRNACISCO
		STATE:			CA
		ZIP:			94105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SG Hambros Trust CO (Guernsey) LTD
		CENTRAL INDEX KEY:			0001314419
		STATE OF INCORPORATION:			XX

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25331
		FILM NUMBER:		05621956

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 86 HAMBRO HOUSE, ST. JULIAN'S AVE
		CITY:			ST. PETER PORT, GUERNSEY
		STATE:			XX
		ZIP:			GY1 3AE
		BUSINESS PHONE:		44 1481 704241

	MAIL ADDRESS:	
		STREET 1:		PO BOX 86 HAMBRO HOUSE, ST. JULIAN'S AVE
		CITY:			ST. PETER PORT, GUERNSEY
		STATE:			XX
		ZIP:			GY1 3AE
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>a3.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-09-30</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001060801</issuerCik>
        <issuerName>CRITICAL PATH INC</issuerName>
        <issuerTradingSymbol>CPTH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001314419</rptOwnerCik>
            <rptOwnerName>SG Hambros Trust CO (Guernsey) LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 86, HAMBRO HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>ST. JULIAN'S AVENUE</rptOwnerStreet2>
            <rptOwnerCity>ST. PETER PORT, GUERNSEY</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>GY13AE</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series E Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.50</value>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-09-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2008-07-09</value>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6677531</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">If at any date after July 9, 2007 the average closing price per share of common stock for any 60 consecutive trading days is not less than 400% of the Series E Accreted Value (described in note (2), below) then the issuer has the option to redeem within 40 days all outstanding Series E Cumulative Redeemable Convertible Participating Preferred Stock (the &quot;Series E Preferred&quot;) for cash at a price per share equal to the Series E Accreted Value plus all dividends accrued since the previous semi-annual compounding date.  On July 9, 2008, all shares of Series E Preferred must automatically be redeemed for cash at a price per share equal to the Series E Accreted Value plus all dividends accrued since the previous semi-annual compounding date.</footnote>
        <footnote id="F2">This Form 3 is filed with respect to 6,500,000 shares of Series E Preferred purchased by Ace Paragon Holdings Limited from Great Affluent Limited on September 30, 2004.  The shares of Series E Preferred are convertible into the number of common stock of the issuer equal to the product of the number of shares of Series E Preferred being converted multiplied by the quotient of (i) the Series E Accreted Value divided by (ii) $1.50 (subject to anti-dilution adjustments).  Series E Accreted Value means, with respect to each share of Series E Preferred, the sum of $1.50 plus all dividends that have accrued and compounded semi-annually.  As of December 31, 2004, the most recent semi-annual dividend compounding date, the 6,500,000 shares of Series E Preferred were convertible into 6,677,531 shares of common stock.</footnote>
        <footnote id="F3">SG Hambros Trust Company (Guernsey) Limited is the trustee of The March Charitable Trust, which holds 100% of the management shares of Strategic Global Asset Management PCC Limited.  Strategic Global Asset Management PCC Limited holds 100% of the outstanding share capital of Ace Paragon Holdings Limited.  As a result of its indirect ownership of Ace Paragon Holdings Limited, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), SG Hambros Trust Company (Guernsey) Limited may be deemed to beneficially own the shares of Series E Preferred held by Ace Paragon Holdings Limited.  SG Hambros Trust Company (Guernsey) Limited disclaims beneficial ownership of shares of common stock issuable upon conversion of the Series E Preferred to Ace Paragon Holdings.  The filing of this Form 3 shall not be deemed an admission that SG Hambros Trust Company (Guernsey) Limited is, for</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ John Charlton-Loveless</signatureName>
        <signatureDate>2005-02-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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