Re Industrial Investment International Ltd.

HCCW000967/2001

HCCW 967/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 967 OF 2001

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Coram: Hon Kwan J in Court

Date of Hearing: 24 June 2002

Date of Judgment: 24 June 2002

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J U D G M E N T

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1.This is a petition to wind up the company presented by FirstRand Bank Limited on the basis of a debt in the sum of Rand 10,102,785.81 pursuant to a Deed of Suretyship granted by the company in favour of the petitioner dated 19 February 1998.

2.The parent company of the company in question had been wound up by the Court on 21 May 2001. The petition herein was presented on 30 August 2001 on the basis that the company is insolvent and unable to pay its debts.

3.This petition was adjourned several times since March 2002 on the ground that there was a debt restructuring plan proposed for the parent company and the company. I understand from counsel appearing for the petitioner today that the restructuring plan has fallen through.

4.There being no objection to this petition, I make the usual compulsory order to wind up the company and I order that the petitioner's costs be paid out of the company's assets.

Representation:

Ms Sue Myent, instructed by Messrs Clifford Chance, for the Petitioner

Messrs Baker & McKenzie, for the Company - absent

Miss S Chung, for the Official Receiver