RE TOP AWARD CO LTD

HCCW 1010/2003

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 1010 OF 2003

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J U D G M E N T

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1. This is a petition to wind up Top Award Limited ("the Company") presented by Mr Hashtam Khan based on an award obtained against the Company in the Labour Tribunal in the sum of $125,305.43. The award was made on 5 June 2003.

2. Apart from the petitioner, the Company is indebted to three other employees in the total sum of $290,288.63. A demand for the petitioner's debt was served on the Company on 12 August 2003. The petition herein was filed on 10 September 2003. When the petition was heard by a master on 5 November 2003, the Company was represented by its director Mr Daswani who informed the master that the Company wished to pay the debt by instalments and that this was rejected by the petitioner.

3. Mr Daswani was explained by the master that he would need to seek leave of the court before he could represent the Company in these proceedings, if it is the Company's position that it is unable to arrange for legal representation due to the lack of funds.

4. Up to today, Mr Daswani has not obtained leave to represent the Company, and no evidence in opposition has been filed by the Company. As the petitioning debt is not in dispute and the Company is not in a position to pay, I must make an order to wind up the Company in these circumstances. The petitioner's costs are to be paid out of the Company's assets.