RE GAINWAY INTERNATIONAL LTD

HCCW 1069/2003

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 1069 OF 2003

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J U D G M E N T

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1. This is a petition to wind up Gainway International Limited ("the Company") presented by Dhandia Rajiv Jain trading as Thai Gems on the basis of a judgment debt obtained in HCA No. 628 of 2003. The amount of the judgment debt was $1,050,151.67. After execution on the judgment debt was levied by the petitioner, there was part satisfaction to the extent of $435,350.00.

2. On 1 August 2003, a demand was served by the petitioner on the Company for the balance of the judgment debt and fixed costs in the total sum of $616,351.67. As the demand was not met, the petition was presented on 22 September 2003. Notice to act for the Company was filed on 10 November 2003.

3. At the first hearing on 17 November 2003, I was informed by counsel appearing for the Company that the petitioning debt is not in dispute and the Company sought two weeks' adjournment to explore the possibility of a settlement.

4. At the hearing today, counsel for the Company informed me that the solicitors have no further instructions to act for the Company and a settlement has not been reached.

5. In the circumstances, I make an order to wind up the Company. I order that the petitioner's costs are to be paid out of the Company's assets.