RE KOLDTECH DEVELOPMENT (INTERNATIONAL) LTD

HCCW 381/2005

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 381 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 Koldtech Development (International) Limited (“the Company”) presented by Chu Siu Wo, based on a judgment he obtained in HCA No. 3641 of 2003 on 14 April 2005.

2.  The Company was ordered to pay the petitioner $1,323,360.00 with interest thereon at $270,456.94 calculated up to 30 September 2003 and thereafter at the judgment rate.  The judgment was granted after a full trial in which the Company was legally represented.

3.  A demand for the judgment debt was served on the Company on 25 April 2005.  The petition herein was presented on 23 May 2005.

4.  At the first hearing before me on 25 July 2005, I adjourned the petition to today as one of the directors of the Company informed the court that the Company was in the process of engaging solicitors.

5.  Counsel has appeared for the Company today and sought an adjournment for three weeks as he was instructed that the Company has planned to propose a scheme of arrangement with its creditors.  He was unable to tell this court even the barest detail of any proposed scheme save that the Company has contacted its auditors.  When I enquired about the level of creditor support for the scheme or for the adjournment of this petition, all that I was told was that there is a shareholder who is also a creditor and that he has lent about $1,000,000.00 to the Company.  This shareholder and creditor is in favour of an adjournment.

6.  No information as to the financial position of the Company has been placed before this court.

7.  In the circumstances, I decline to exercise my discretion to grant even a short adjournment.  I make an order to wind up the Company.  The petitioner’s costs are to be paid out of the Company’s assets.