WELD-TECH ELECTRICAL SUPPLIES CO LTD

HCCW 1061/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 1061 OF 2004

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J U D G M E N T

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1.  This is a petition to wind up Weld-Tech Electrical Supplies Company Limited (“the Company”) presented by Wai Ming Services Limited trading as Wai Ming Trading Company.  The petitioning debt as amended is in the sum of HK$435,641.64.  This is a debt due to the petitioner from the Company in DCCJ No 4226 of 2004.  Judgment was obtained by default on 6 September 2004 in the sum of HK$604,004.00.  A demand for this judgment debt was served on the Company on 10 September 2004.

2.  On 20 January 2005, on the Company’s application to set aside the default judgment, it was ordered that the judgment be set aside to the extent of HK$168,362.36 only.  Hence, the Company is indebted to the petitioner in the sum of HK$435,641.64.

3.  The petition was amended on 7 February 2005 and adjourned to today to give an opportunity to the Company to make payment. 

4.  At the hearing today, counsel for the Company informed the court that the Company is not able to pay except by instalments, and that the Company has proposed to pay a first instalment of HK$150,000.00 by the end of February 2005, with a second instalment in March 2005 and the final instalment by mid April 2005.

5.  The petitioner has rejected any proposal to pay by instalments.  The Company is not able to come up with any improved offer.  In these circumstances, I see no reason why a winding-up order should not be made. 

6.  I order the Company to be wound up and that the petitioner’s costs are to be paid out of the Company’s assets.