RE VERY NICE HOLDINGS LTD.

HCCW 20/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP PROCEEDINGS NO. 20 OF 2001

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J U D G M E N T

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1. This is an application by petition for the Company to be wound-up. The amount due is a sum of about $263,000.00 odd on a judgment debt, which judgment was given on 2 August 2000. A statutory demand was served in October 2000 and the present petition was presented in January 2001 with a verifying affidavit filed in January 2001. There has been no affidavit filed on behalf of the Company.

2. On the last occasion when this matter came up before the Companies Court on 9 April 2001, Chu J adjourned the matter to today apparently on the basis of an application by a director of the Company for time. It was said by the Director at the time that about half a year would be required for repayment of the judgment sum.

3. Today, Mr Wong has again applied to represent the Company. He does not dispute that the Company owes the Petitioner a sum of at least $180,000.00 since the time of the judgment debt in August, but he asks for a further adjournment on the basis that although the Company is no longer doing business in Hong Kong, he is trying to sell some unspecified assets, on the Mainland. No information has been given as to the value of these assets or the time that would be required for the sale of those assets, nor has the court been given any supporting documents at all.

4. It is well established that when a judgment is entered against a company that the judgment creditor is entitled ex debito justitiae to a winding-up order unless the court is moved to exercise its discretion not to order the company to be wound-up.

5. In the present circumstances, no or no sufficient grounds have been put before me by Mr Wong to consider an adjournment of this long due debt. In the circumstances, I would make the usual winding-up order.