RE HUAQING ORIENTAL MINING (HOLDINGS) LTD.

HCCW 930/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 930 OF 2002

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J U D G M E N T

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1. This petition to wind-up the Company is presented by Wonip Industries Ltd on the ground that the Company is unable to pay its debts. The debt in the petition is based on a consent order in High Court Action No. 1696 of 2002 made on 28 June 2002 by which judgment in favour was entered for the petitioner against the Company for the sum of HK$150,578.10. A demand for the debt in the petition was served by leaving this at the registered office on 20 July 2002 and the petition was presented on 15 August 2002.

2. At the hearing before the Master on 6 November 2002, the parties had indicated to the Court that they would apply for petition to be adjourned for one week on the basis that the Company was to make payment of HK$100,000.00 to the petitioner by 7 November 2002. I am informed by the petitioner's counsel that payment has not been made by the Company. The Company has not appeared today.

3. In the circumstances, there being no dispute as to the debt in the petition, I make a winding-up order against the Company. I further order that the costs of the petition be paid out of the Company's assets.