RE KOOLL INTERNATIONAL CONSOLIDATED SERVICES LTD

HCCW 722/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 722 OF 2004

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J U D G M E N T

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1.  This petition to wind up Kooll International Consolidated Services Limited (“the Company”) was presented by Madam Sin Wei Ching, based on an award obtained in the Labour Tribunal on 29 March 2004.  The balance of the award outstanding and not paid to the petitioner is in the sum of HK$38,001.01.

2.  The Company is also indebted to five other employees for the total sum of HK$356,178.37, being the balance due under the same award of the Labour Tribunal.

3.  Execution was levied on the goods and chattels of the Company on 10 May 2004 and the amount realised being HK$25,788.00 is not sufficient to satisfy the entire judgment debts.

4.  The petition herein was presented on 25 June 2004.  It was adjourned on 9 August 2004 to give an opportunity to the Company to arrange a further charge of its property to raise funds.  It was further adjourned on 30 August 2004 to give yet another opportunity to the Company to raise money. 

5.  By a letter from the Company’s solicitors dated 10 September 2004, it was stated that the Company is unable to obtain the necessary consent from the mortgagee bank to further mortgage its property and its loan application cannot be processed.

6.  The Company has not appeared today.  There has been no dispute of the petitioning debt and the Company is clearly insolvent.  I make a winding-up order against the Company.  The petitioner’s costs are to be paid out of the Company’s assets.