Re Portslink Asia Ltd.

HCCW 1127/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) PROCEEDINGS NO. 1127 OF 2001

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J U D G M E N T

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1. This is a petition for the winding-up of a company by the name of Portslink Asia Limited. The petition was presented on 8 October 2001 and is based on a debt in the sum of $158,000.00 odd, being outstanding rent, service charges, rates and solicitors fees under a lease in respect of certain premises occupied by the Company. A statutory demand had been served on 9 July 2001 and that was not satisfied.

2. There was an affidavit filed on behalf of the Company on the last occasion seeking to oppose the winding-up and asking for a short adjournment so that the Company could settle the debt and have the petition dismissed.

3. On the last occasion when this matter came before Poon Dep. J on 28 January 2002, counsel then instructed for the Company asked for an adjournment of the matter for 14 days and indicated that the Company would be making payment within 7 days. The Court then adjourned the matter to today, 4 February.

4. This morning, I was given a letter from the Company's solicitors indicating that they were no longer retained in this matter and they asked for an order that they cease to act. No other solicitors have acted on behalf of the Company and no directors have appeared seeking leave to represent the Company today.

5. The affidavit on behalf of the Company refers to a dispute in relation to the mesne profits but in any event even at the lower rate, no payment has been made and in the affidavit filed on behalf of the Company, it was indicated that the Company would be in a position to pay the entire debt within 7 days of 26 January 2002. No payment has been made at all. Consequently I would make the usual winding-up order.