Re Jumbo Fortune (Hong Kong) Ltd

HCCW 143/2006

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 143 OF 2006

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Before: Hon Kwan J in Court

Date of Hearing: 19 June 2006

Date of Judgment: 19 June 2006

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J U D G M E N T

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1.This petition was presented by Man Financial Limited, a company incorporated in the United Kingdom, against Jumbo Fortune (Hong Kong) Limited (“the Company”).  The petitioner is a member of the London Stock Exchange and acts as a broker of futures, options and other equity derivatives for institutional and private clients. 

2.By a brokerage services agreement between the Company and the petitioner dated 8 January 2005, in consideration of the petitioner agreeing to purchase and sell futures for the Company in accordance with its instructions, the Company agreed to pay the petitioner on demand all outstanding debit balance incurred by the Company under its trading account with the petitioner.

3.As at 17 February 2006, the amount owed by the Company to the petitioner pursuant to the brokerage services provided was US$478,660.22.  By a letter dated 8 February 2006, the Company admitted its indebtness to the petitioner and promised to repay by 25 February 2006.  A demand for the debt was served by the petitioner on the Company on 23 February 2006.  This petition was presented on 17 March 2006.

4.When the petition first came before this court on 22 May 2006, it was adjourned for four weeks to today as the petitioner has reached an agreement with the Company to allow the Company to pay by instalments.

5.I am told by counsel for the petitioner that the Company has failed to pay the sum agreed being US$150,000.00 as the first tranche of payment by 15 June 2006.  The petitioner therefore seeks a winding-up order today.  The Company has not appeared in these proceedings. 

6.I made an order to wind up the Company in the terms of the draft order submitted to the court.

Miss Virginia Chiu, instructed by Messrs Johnson, Stokes & Master, for the Petitioner

Jumbo Fortune (Hong Kong) Limited, absent

Miss Vivian Yeung, for the Official Receiver