RE GOLDCO DEVELOPMENT LTD

HCCW 711/2005

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 711 OF 2005

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J U D G M E N T

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1.  This is a petition to wind up Goldco Development Limited (“the Company”) presented by the Hong Kong Government, on the basis that the Company is unable to pay its debts.

2.  The Company is in the business of operation and management of fee-paying public car parks in Hong Kong.

3.  According to the petition, as at 31 August 2005, the Company was indebted to the Government of HK$38,350,894.55.  This was made up of HK$22,670,576.84, being outstanding interim payments due from the Company to the Government under an order of Master J Wong on 29  April  2005 in HCA Nos. 4219 to 4221 of 2003, and HK$15,680,317.71, being arrears of rent due under various short term tenancies granted by the Government to the Company.

4.  On 27 October 2005, I made an order appointing provisional liquidators for the Company, having been satisfied that the Government has a good prima facie case for a winding-up order.

5.  The Company has not appeared in the petition nor has it filed any evidence to oppose the petition.  The only evidence filed by the Company is an affirmation made by one of its directors on 26  October  2005, in support of its application to stay the winding-up petition pending an appeal to the Court of Appeal, having failed in its appeal before Deputy Judge Muttrie against the order for interim payment of Master J Wong.  I have dismissed that application to stay the winding-up petition, having come to the view that the proposed appeal is quite simply devoid of merits.

6.  I understand from the Government that no settlement has been reached with the Company in the adjournment granted in December 2005.  The Government therefore seeks a winding-up order today.  As the petitioning debt is not in dispute, the Government is entitled to this order.  I order the Company to be wound up and that the Government’s costs are to be paid out of the Company’s assets.  I further order that the provisional liquidators’ costs in this petition are to be paid out of the Company’s assets.