RE RICH SOURCE ENGINEERING LTD

HCCW 449/2006

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 449 OF 2006

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J U D G M E N T

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1.  This is a petition presented by Cheung Ho Electric Company Limited to wind up Rich Source Engineering Limited (“the Company”), on the basis of a judgment debt in HCCT No. 84 of 2005 obtained on 21 June 2006.  Under that judgment, the Company was ordered to pay the petitioner $6,351,961.13 with interests and costs. 

2.  On 23 June 2006, the petitioner served a demand for the judgment debt on the Company.  The petition herein was presented on 21 August 2006.

3.  On 19 July 2006, the Company took out a summons for stay of execution of the judgment on certain conditions that it is to pay the petitioner the judgment debt by instalments.  That application was dismissed by a Master on 4 December 2006.

4.  The petition was adjourned to wait the outcome of that application.  The Company no longer opposes the petition today.  So I will make an order to wind up the Company.

5.  I order that the costs reserved by a Master on the previous occasions when the petition was adjourned be to the petitioner and that the petitioner’s costs are to be paid out of the assets of the Company.

6.  I also order one set of costs for the supporting creditors who have appeared today.  These costs are also to be paid out of the assets of the Company.