Re First China Trading Ltd
Read the full judgment text of HCCW 226/2006 on BabelCite. This High Court CFI judgment was delivered on 10 July 2006.
1. This petition to wind up First China Trading Limited (“the Company”) is presented by The Bank of China (Hong Kong) Limited. By an order dated 8 July 2005 in HCA No. 7769 of 2000 and HCMP No. 3909 of 2000 (“the consolidated proceedings”), the Company was adjudged to pay the petitioner $14,210,402.63 with interest and costs (“the 1 st judgment debt”). By a further order in the consolidated proceedings on 17 August 2005, the Company was ordered to pay costs to the petitioner fixed at $90,000.0
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HCCW 226/2006 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE COMPANIES (WINDING-UP) NO. 226 OF 2006 ____________
_______________ Before: Hon Kwan J in Court Date of Hearing: 10 July 2006 Date of Judgment: 10 July 2006 _______________ J U D G M E N T _______________ 1.This petition to wind up First China Trading Limited (“the Company”) is presented by The Bank of China (Hong Kong) Limited. By an order dated 8 July 2005 in HCA No. 7769 of 2000 and HCMP No. 3909 of 2000 (“the consolidated proceedings”), the Company was adjudged to pay the petitioner $14,210,402.63 with interest and costs (“the 1st judgment debt”). By a further order in the consolidated proceedings on 17 August 2005, the Company was ordered to pay costs to the petitioner fixed at $90,000.00 (“the 2nd judgment debt”). On 13 December 2005, the petitioner served a demand on the Company to pay the 1st and 2nd judgment debts. 2.The petitioner held security for payment of the indebtedness of the Company under a mortgage of a property in Kowloon. That property was sold in March 2006 at $13 million. After applying the net proceeds of sale towards the 1st judgment debt, as at 6 March 2006, the Company was indebted to the petitioner of $3.3 odd million under the 1st judgment debt. The 2nd judgment debt has remained unpaid. 3.I am given to understand that the Company no longer opposes the petition. 4.There is produced to the court a letter dated 5 July 2006 from a director written on behalf of the Company to that effect. 5.Further, an outstanding appeal against the judgment debts has been withdrawn. In the circumstances, I make an order to wind up the Company, the petitioner’s costs are to be paid out of the Company’s assets.
Miss Janine Cheung, instructed by Messrs Gallant Y. T. Ho & Co., for the Petitioner The Company: First China Trading Limited (Absent) Miss Vivian Yeung for the Official Receiver |