Re Joy Fit Ltd.

HCCW 64/1996

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO. 64 OF 1996

____________

____________

_______________

J U D G M E N T

_______________

1. This is a petition for winding-up which was presented in 1996. There are two petitioners being a husband and wife. The petition was opposed by two contributories being the mother and the brother of the wife.

2. After the petition was presented in 1996, there were attempts to settle the matter in 1997. Apparently in 1998, there was an agreement reached. In 1999, however, one of the contributories, being the brother, was not prepared to settle the matter and in the year 2000, there were also some variations in relation to the proposed settlement. It appears that the mother is now willing to settle the matter but no consent on the part of the brother has been obtained.

3. There is now before me an inter partes summons for the dismissal of the petition. It has been agreed that the Petitioners and the mother should bear their own costs of the winding-up proceedings. As for the brother's costs, it has been agreed that the mother should pay the Company and the brother's costs of the winding-up proceedings to be taxed if not agreed. And it has further been agreed that the Petitioners shall bear the Official Receiver's agreed costs of $7,700.00 to be deducted from the deposit of which $4,620.00 shall be reimbursed by the mother to the Petitioners.

4. Although the brother Mr Chiu Chi Yin has not appeared today, I am satisfied that since there would be no prejudice to him in that the petition has been dismissed and in that his costs have been provided for, I would dismiss the petition on the terms set out above.