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1. The plaintiff is a finance company. The 2nd defendant is a firm carried on by a Mr. Ng which deals in the sale of taxis and taxi licences. The 1st defendant, against whom the plaintiff has obtained judgment by default at some date earlier to this hearing, entered into a Hire Purchase Agreement with the plaintiff for the hire purchase of a taxi and the taxi licence. The total hire purchase cost was considerable, being just short of HK$500,000. Originally, the taxi and taxi licence had been the