RE KWONG YUEN CONSTRUCTION CO. LTD.

HCCW 435/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO. 435 OF 2001

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J U D G M E N T

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1. This is an application for the winding up of a company by the name of Kwong Yuen Construction Co. Ltd. The evidence shows that on 30 October 2000 a settlement agreement was reached under which the Company would pay to the Petitioning Creditor HK$130,000.00. This was apparently not paid and on 20 February 2001 a statutory demand was issued by the Petitioning Creditor against the Company. No payment was made as a result of this statutory demand and on 12 May 2001 the present petition was presented.

2. Although a notice from the Company opposing the petition had been filed in court, a letter has been handed up to the court this morning from the solicitors for the Company indicating that their instructions were now not to oppose the winding-up petition. No one has appeared today to represent the Company.

3. There was also a notice from a supporting creditor indicating that it supported the petition to wind up the Company.

4. In the circumstances, there being no good reason for me not to wind up the Company on the basis of the presumed inability to pay debts, I will make the usual winding-up order.