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Re Founches International Ltd.

Read the full judgment text of HCCW 156/2001 on BabelCite. This High Court CFI judgment was delivered on 27 August 2001.

1. This is a petition for the winding up of the Company. In May 2000, a judgment had been obtained by the Petitioner against the Company in the sum of $6 million. Although a property which has been mortgaged to the Petitioner has been sold and the proceeds of sale have been set off against the judgment debt there is still a sizeable amount of the judgment outstanding which apparently is in the region of more than $4 million.

Case No.HCCW 156/2001
Court
High Court CFI
Date27 Aug 2001
Judge—
Case Document
100%Judiciary

HCCW000156/2001

HCCW 156/2001

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES WINDING-UP NO. 156 OF 199

____________

IN THE MATTER OF FOUNCHES INTERNATIONAL LIMITED（峻豐國際有限公司）

AND
IN THE MATTER OF the Companies Ordinance, Chapter 32 of the Laws of the Hong Kong Special Administrative Region

____________

Coram: Hon Yuen J in Court

Date of Hearing: 27 August 2001

Date of Judgment: 27 August 2001

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J U D G M E N T

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1.This is a petition for the winding up of the Company. In May 2000, a judgment had been obtained by the Petitioner against the Company in the sum of $6 million. Although a property which has been mortgaged to the Petitioner has been sold and the proceeds of sale have been set off against the judgment debt there is still a sizeable amount of the judgment outstanding which apparently is in the region of more than $4 million.

2.A statutory demand has been served and has not been satisfied, and the petition was accordingly presented in February 2001. There has been no affidavit from the Company. It has not appeared today by counsel and there are no supporting or opposing creditors. In view of the judgment, the Petitioner is entitled ex debito justitiae to a winding up order. No grounds have been put before me as to why I should exercise my discretion not to wind up the Company and therefore I would make the usual winding up order.

(MARIA YUEN)
Judge of the Court of First Instance
High Court

Representation:

Mr William M F Wong, instructed by Messrs Johnson, Stokes & Master, for the Petitioner (the Hong Kong and Shanghai Banking Corporation Limited)

Mr Chan Kai Leung Eric, instructed by Messrs King & Co., for Respondent

Mrs C Sit from Official Receiver's Office, Solicitors