RE CB-MEDIA LTD.

HCCW 414/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO. 414 OF 2001

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J U D G M E N T

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1. This Petition is based upon a District Court judgment in the amount of $477,814.80 which judgment was given in December 2000. A statutory demand was served in April 2001 and the present Petition was presented in May 2001.

2. The Company admits the judgment debt and it has previously asked for an adjournment of two months for the purposes of negotiating with possible interested investors. It had received an offer of $3 million for the Company but that was about ten months ago and furthermore, it was not clear whether apart from this petitioning creditor, there are any other creditors and what the Company's total liabilities are. It is, however, clear from the Company's correspondence that there are no assets.

3. On the last occasion when this matter came before me on 3 July 2001, the Company through its counsel asked for an indication from the Petitioner as to what its position was, i.e. whether the Company was indebted to it also in relation to some other amounts and not only this District Court judgment.

4. I gave leave to the Company to file an affidavit by noon last Friday in this respect. However, no affidavit has been filed and there has been a letter from the Company's solicitors saying that the Company is no longer objecting to the winding up. In the circumstances, I will make the usual winding up order.