RE ADVANCE GLORY DEVELOPMENT LTD

HCCW 770/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 770 OF 2004

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AND

HCCW 771/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 771 OF 2004

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AND

HCCW 772/2004

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 772 OF 2004

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(Heard Together)

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J U D G M E N T

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1.  All three petitions heard together were presented by Umbrella Finance Company Limited.  The companies in question are Advance Glory Development Limited, Lipton Development Limited and Poly Choice Limited (collectively “the Companies”).

2.  The petitioner’s debt is founded on various legal charges furnished by the Companies.  The charges were given to secure the indebtedness of a borrower known as Ho Tai Sum trading as Sum Kee Piece Goods.  They were executed in favour of Hua Chiao Commercial Bank Limited as the lender.  In 2001, the Bank of China (Hong Kong) Limited became the successor corporation of Hua Chiao Commercial Bank Limited.  By a sale and purchase agreement dated 26 June 2002 made between the Bank of China (Hong Kong) Limited and Bank of China, Cayman Islands branch, the former assigned to the latter all of its legal and beneficial interests in the legal charges in question.

3.  On 2 December 2003, judgment was obtained against the Companies in HCMP No. 2176 of 2003.  The Companies were ordered to pay the judgment debts of HK$17,515,519.61 and US$145,171.02 with interest.

4.  By an assignment dated 23 December 2003 between, inter alia, Bank of China (Hong Kong) Limited, Bank of China, Cayman Islands branch and the petitioner, the first two assigned all their legal and beneficial interests in the portfolio of loans which included the various legal charges and the judgment debts.  On 12 January 2004, the Companies were notified of the assignment of interest in the legal charges by a written notice.

5.  The Companies are indebted to the petitioner in the sums of HK$6,580,820.12 and US$156,190.29, being the sums due under the judgment debts, less the net realisable value of properties charged in favour of the petitioner.

6.  A demand was served on each of the Companies on 14 May 2004 to pay the outstanding debt.  A petition to wind up each of the Companies was presented on 15 July 2004.

7.  At the hearing today, it was confirmed by counsel appearing for the Companies that the Companies would not oppose the winding-up petitions.  In the circumstances, I make an order to wind up each of the Companies.  The petitioner’s costs in each of the proceedings would be paid out of the assets of the company concerned.