RE BIGWIN ENTERPRISES LIMITED

HCCW 992/2002

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 992 OF 2002

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J U D G M E N T

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1. This petition is presented by a company based in Shenzhen on the ground that Bigwin Enterprises Ltd ("the Company") is unable to pay its debts. The petitioning debt is in the sum of RMB7,107,524.04, being an arbitration award obtained by the petitioner against the Company in the Shenzhen Arbitration Commission on 27 July 2001.

2. After obtaining the arbitration award, the petitioner brought an action in Hong Kong being HCCT No. 50 of 2002 to enforce the award and leave was granted on the ex parte application of the petitioner on 24 May 2002. No application was made by the Company to set aside the award within the prescribed period of fourteen days or at all. The sealed order was served on the Company on 28 June 2002.

3. On 23 July 2002, a statutory demand for the petitioning debt was served on the Company and the petition herein was presented on 30 August 2002. The petition was adjourned on 18 November 2002 because of indication from the Company that it would oppose the petition.

4. I am informed by the Company today that it no longer wishes to oppose the petition. It is therefore unnecessary for me to go into the grounds previously advanced by the Company in opposition. Suffice it to say that I am satisfied that there is a valid judgment debt against the Company enforceable in the courts of Hong Kong.

5. In the circumstances, I make a winding-up order against the Company and I order that the petitioner's costs are to be paid out of the Company's assets.