In re East Eagle International Ltd.

HCCW 831/98

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP NO.831 OF 1998

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J U D G M E N T

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1. This is an amended petition by the Petitioner Wealthiest Company Limited to wind up East Eagle International Limited ("the Company") on the ground that it is unable to pay its debts. The Petitioner obtained a final and interlocutory judgment against the Company on 23 September 1998.

2. The matter first came before this court on 21 December. At that time there was an outstanding application by the Company to set aside the default judgment. The court directed on 21 December that the application to set aside the default judgment be heard today prior to the hearing of the Petition. I should add for completeness that there was an application to the Master prior to 21 December for a stay of execution which was dismissed, and there is no appeal against that dismissal.

3. After making his submissions, counsel for the Company, upon instructions, applied to withdraw the application and the Company's application to set aside the default judgment was dismissed with costs.

4. The Company no longer resists or opposes the winding-up order sought by the Petitioner. In those circumstances, as the judgment remains outstanding and unpaid, I will exercise my discretion and order that the Company be wound up.