RE GENEX HONG KONG CO LTD

HCCW 270/2008

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 270 OF 2008

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J U D G M E N T

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1.  This is a petition to wind up Genex Hong Kong Company Limited (“the Company”) presented by Weltin Enterprises Limited.  The petition was presented on 18 June 2008 in respect of a judgment debt made in DCCJ No. 1130 of 2008 on 25 April 2008, by which the petitioner was entitled to receive from the Company a total sum of $453,200 by four instalments.  The first instalment was payable on or before 15 May 2008 and the remaining instalments on or before the fifteenth day of each subsequent month.

2.  The Company only paid $50,000 on 16 May 2008 in part payment of the first instalment.  By the judgment, the remaining balance of the first instalment of $63,300 and the other three instalments have become immediately due and payable as a judgment debt.

3.  On 28 May 2008, the petitioner served a demand on the Company for the sum due of $406,729.73.  This petition was adjourned on 22 September 2008 and on 3 November 2008 by consent, to enable the Company to sell certain machinery and use the proceeds to satisfy the outstanding judgment debt.  I understand from counsel for the petitioner that as of today no payment has been made by the Company.  The Company has not appeared.

4.  In the circumstances, I make an order to wind up the Company, as the petitioning debt is not in dispute and no payment is made.  The petitioner’s costs are to be paid out of the Company’s assets.