RE SET PHONE LTD

HCCW 148/2005

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 148 OF 2005

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J U D G M E N T

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1.  This is a petition to wind up Set Phone Limited (“the Company”) presented by the Wing Lung Bank Limited on the basis of the outstanding balance of these judgment debts: (i) HK$1,427,503.50 obtained in HCMP No. 7589 of 1999 on 23 February 2000; and (ii) HK$14,671,650.75 obtained in HCMP No. 7593 of 1999 on 23 February 2000.

2.  I understand that mortgaged properties have been realised and the proceeds applied to settle in part the judgment debts.  There is, however, still a shortfall of HK$9,984,295.17.  A demand for the outstanding balance of the judgment debts was served on the Company on 22 November 2004 and the petition herein was presented on 24 February 2005.

3.  The petition was adjourned on 23 May 2005 for four weeks for the parties to negotiate.  I am informed by counsel for the petitioner that the outcome is unsuccessful.  The Company has not filed any evidence in opposition.

4.  I make an order to wind up the Company.  The petitioner’s costs are to be paid out of the assets of the Company.