Re Golan Ltd. (Company No. 635519)

HCCW 990/2000

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO. 990 OF 2000

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J U D G M E N T

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1. The petition in this case is based on a judgment debt which was incurred, the judgment of which was given in May 2000. In September 2000 a statutory demand was made and the petition was presented in October 2000. There have been various directions and affidavits in January 2001.

2. The Company wished to take the matter on appeal. However, on a previous application, having obtained a stay, it had failed to make payment into court.

3. The Company has previously argued that the judgment debt was obtained by illegality and duress. The matter was adjourned by me in April 2001 because of the rather peculiar factual situation. On that occasion, I ordered that on the undertaking of the Company to issue within three days and to proceed with all due expedition with an application for a stay of execution of the judgment in HCA 15354 of 1999, I adjourned the hearing of the petition to the first Monday after the determination by the Court of Appeal of its application for a stay of execution of judgment.

4. On 1st June 2001, Keith JA dismissed the application for a stay of execution of the judgment. Consequently, that matter has come before me this morning. This matter is based on a judgment debt and the Plaintiff would be entitled ex debito justitiae to a winding up order. The Company has not appeared today to make any submissions against the making of a winding up order and consequently, I would make the usual winding up order.