Re Alantic Import and Export Ltd.

HCCW 527/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 527 OF 2002

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J U D G M E N T

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1. This petition is brought by the International Bank of Asia Limited on the ground that Alantic Import and Export Limited ("the Company") is unable to pay its debts. The debt in the petition is a judgment debt obtained by the petitioner in HCMP No. 4743 of 2001. The judgment was obtained on 24 January 2002 and is in the amount of HK$5,198,467.38 with interest.

2. On 17 April 2002, the petitioner served a demand on the Company by leaving it at the registered office of the Company. The petition herein was presented on 15 May 2002. When the matter came before me on 16 September 2002, I adjourned the petition for one week for the petitioner to consider the latest offer made by the Company.

3. I am informed by the parties today that the negotiations for settlement have fallen through and the Company is no longer resisting the winding-up petition.

4. In the circumstances, I make an order to wind up the Company and that the petitioner's costs are to be paid out of the Company's assets.