RE POSITIVE WELL PROPERTY MANAGEMENT CO. LTD.

HCCW 1041/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP NO. 1041 OF 2001

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J U D G M E N T

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1. This is an application for the winding-up of a company by the name of Positive Well Property Management Co. Limited. The petition was based upon a Labour Tribunal award given in February 2001.

2. The statutory demand was served on 14 July 2001 which was not satisfied and the petition was presented on 13 September 2001.

3. The matter was adjourned for 1 month on 14 January 2002 to enable negotiations to take place. On 11 February 2002, the Company applied to set aside the Labour Tribunal award which was given in default of the Company's appearance. On 25 March 2002, the Labour Tribunal dismissed the Company's application to set aside the award and there has been no further progress towards the payment of the Labour Tribunal award.

4. Before me today, Mr Fong instructed by Tai & Co. for the Company says that they still have instructions to act but that they have no instructions to oppose the winding-up.

5. In those circumstances, it is clear that the Company is unable to pay its debts as and when they fall due and I will make the usual winding-up order.