Read the full judgment text of HCCW 000701/2000 on BabelCite. This High Court CFI judgment was delivered on 30 March 2001.
1. This is a winding up petition based on the ground that the company has not paid its debt under a Chinese loan agreement dated 16 March 1994 ("the New Union Loan Agreement"). The principal is US$3 million with interest at 11% per annum. As at 25 March 2000, the total amount of indebtedness exceeds US$4 million. While not disputing the amount of indebtedness, the company defends the petition on two grounds:-