Re Faith Dee Ltd

HCCW 237/2005

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 237 OF 2005

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Before: Hon Kwan J in Court

Date of Hearing: 27 June 2005

Date of Judgment: 27 June 2005

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J U D G M E N T

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1.This is a petition presented by the Wing Lung Bank Limited for the winding up of Faith Dee Limited (“the Company”).

2.The petitioner has obtained a judgment against the Company in sums of HK$14,671,650.75 and HK$2,148,866.83 in HCMP No. 7593 of 1999 on 23 February 2000.  The petitioner has recovered possession of the mortgaged properties, and after applying the proceeds of sale, there is a shortfall of HK$9,024,366.97.  A demand for the shortfall was served on the Company on 25 February 2005.

3.The hearing of this petition was adjourned on 30 May 2005 for 4 weeks for the parties to negotiate.

4.At the hearing today, I am informed by counsel that the negotiations are fruitless.  I therefore make an order to wind up the Company.  The petitioner’s costs would be paid out of the Company’s assets.

Mr Joeson Wong, instructed by Messrs fairbairn Catley Low & Kong, for the Petitioner

The Company: not represented, absent

Mrs C Sit, for the Official Receiver