RE BIGWIN ALUMINIUM INVESTMENT CO. LTD.

HCCW 661/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 661 OF 2002

____________

____________

_______________

J U D G M E N T

_______________

1. This petition is presented by a former employee of Bigwin Aluminium Investment Company Limited ("the Company") based on an award for arrears of wages made in favour of the petitioner by the Labour Tribunal on 10 September 2001. The amount awarded to the petitioner is HK$136,406.80. In addition, the Labour Tribunal in the same award also ordered the Company to pay to another employee arrears of wages in the sum of HK$66,115.30. That other debt has also not been paid.

2. On 31 January 2002, the petitioner served a demand by leaving this at the registered office of the Company, the petition herein was presented on 21 June 2002. When the petition first came before me on 16 September 2002, the Company sought an adjournment for two months. I was told by the parties that the Company had agreed to pay the debts owed to the petitioner and to the other employee in one lump sum on or before 6 November 2002. Accordingly, I adjourned the petition to today.

3. At the hearing today, I understand from the petitioner that no payment has been made to the petitioner or to the other employee. The Company sought a further adjournment of six weeks on the ground that the Company has found a potential investor who has expressed willingness to invest HK$10,000,000.00 into the Company and this potential investor is studying the accounts of the Company. No evidence has been placed before the court relating to the intention of the potential investor to make investment and counsel for the Company cannot confirm if any letter of intent has been signed or whether the potential investor has knowledge of the winding-up proceedings.

4. In the circumstances, I am not prepared to grant any further adjournment to the Company. The debt in question is not in dispute and it is clear that the Company is unable to pay its debts. I therefore make a winding-up order against the Company and I order that the costs of this petition be paid out of the Company's assets.