RE 1,2,3, PRINTING SERVICES LTD

HCCW 841/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 841 OF 2004

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J U D G M E N T

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1.  This is a petition presented by Man Sang Envelope Manufacturing Company Limited against 1,2,3, Printing Services Limited (“the Company”). 

2.  The petition is founded on two judgment debts obtained by the petitioner against the Company in High Court Action No. 1352 of 2001 and High Court Action No. 3804 of 2001, which have been heard together.  Judgment was given in favour of the petitioner in the two actions in the sums of US$206,586.37 and US$296,928.09, with interests and costs.  On 16 June 2004, the Company filed a Notice of Appeal in respect of the High Court actions.  However, there has been no application to stay the execution of the judgments pending appeal.  I am also given to understand by counsel appearing for the petitioner that no further steps have been taken by the Company to pursue the appeal. 

3.  On 16 June 2004, the petitioner issued a writ of fieri facias  on the judgments in the High Court actions.   The writ was returned wholly unsatisfied on 21 June 2004.

4.  On 26 June 2004, garnishee proceedings were commenced by the petitioner, the outcome of which is that the amounts due and owing from the garnishee to the Company are only HK$2,443.56 and US$128.61, which are insufficient to satisfy the judgment debts in full.

5.  The petitioner has kept certain goods, being the subject matter of High Court Action No. 3804 of 2001, as unpaid seller’s lien in its factory in the Mainland.  The value of these goods in September 2001 was about US$412,000.00 odd, which is insufficient to satisfy the judgment debts in full.

6.  To date, no evidence in opposition has been filed by the Company in these proceedings.  The Company has not instructed solicitors to act or sought leave for any director to represent the Company.

7.  I am satisfied on the available evidence that the Company is unable to pay its debts.  I therefore make a winding-up order against the Company.  The petitioner’s costs are to be paid out of the Company’s assets.