RE NON-NO FASHION WHOLESALE LTD.

HCCW 732/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO. 732 OF 2001

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J U D G M E N T

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1. This is a petition for the winding up of Sunray Trading Limited (hereafter referred to as "the Company").

2. The Petition is based on a debt in the sum of ￡1,455,000.00 odd. The Statutory Demand was served on the Company in March 2001 and that was not satisfied. The present Petition was presented in July 2001.

3. Last week, the Company sought to appear by a director before the Master at the first hearing of the winding-up to say that the Company hoped to negotiate with the Petitioner but the Petitioner has refused to accept the Company's proposals.

4. Before me today, there has been no affidavit filed on behalf of the Company. It has not instructed counsel or solicitor to appear. Mr David Wong, who was the director who appeared before the Master on the last occasion, said that the Company's position now is that it does not oppose the winding-up, and there are no other creditors appearing to either support or oppose the petition.

5. In the circumstances, I see no reason why the usual winding-up order should not be given and I will make the usual order.