RE NAM HAI GLOBAL ALUMINIUM CO. LTD.

HCCW 1128/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 1128 OF 2002

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J U D G M E N T

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1. This petition to wind up Nam Hai Global Aluminium Company Limited ("the Company") is presented by Golden Gain Hong Kong Limited on the ground that the Company is unable to pay its debts.

2. By a judgement in HCA No. 868 of 2002 dated 9 May 2002, the Company was ordered to pay HK$3 million to the petitioner, being the proceeds of seven cheques which were dishonoured when presented for payment.

3. Between May 2002 and September 2002, the Company made part payments for the judgment debt. As in September 2002, the balance of the judgment debt that was outstanding including interest came up to HK$2,510,234.29. A statutory demand for this sum was served on the Company on 10 September 2002 and the petition was presented on 9 October 2002.

4. The Company's solicitors have written to the petitioner's solicitors on 13 December 2002 stating that the Company no longer opposes the petition for winding-up.

5. In the circumstances, I make a winding-up order against the Company and order that the petitioner's costs be paid out of the Company's assets.