RE JADE CITY INTERNATIONAL FILMS LTD

HCCW 1132/2003

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 1132 OF 2003

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J U D G M E N T

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1. This is a petition to wind up Jade City International Films Limited ("the Company") presented by the Bank of China (Hong Kong) Limited.

2. The petition is found on the judgment debt obtained in HCMP No. 4198 of 1999 on 20 October 1999. As at 15 July 2003, the debt owed to the petitioner amounted to HK$2,375,965.25 with interest.

3. A demand for the debt was served on 1 August 2003 and the petition herein was presented on 8 October 2003.

4. At the first hearing of the petition before a Master, the Company was represented by one of its directors, Mr Yeung Koon Wah. As no leave to represent the Company had been obtained, the procedure for doing so was explained by the Master to Mr Yeung.

5. The Company has not filed any evidence in opposition to the petition notwithstanding that Mr Yeung had indicated before the Master that the petition would be opposed.

6. On 6 December 2003, Mr Yeung sought leave to represent the Company but his application was dismissed by Registrar Chan who took the view that there are no merits of the Company in opposing the petition and that there was no or no satisfactory evidence before him as to the financial position of the Company as no accounts have been prepared since April 1998.

7. The Company is absent at the hearing today. As there is a judgment debt in favour of the petitioner and there are no grounds in opposition, I make a winding-up order against the Company. I order that the petitioner's costs are to be paid out of the Company's assets.