RE KINGBO HOLDINGS LTD

Date of Hearing: 20 February 2006

Date of Judgment: 20 February 2006

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J U D G M E N T

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1.  This is a petition to wind up Kingbo Holdings Limited (“the Company”) presented by Gainford International Limited.  The petition was founded on a judgment debt in a judgment dated 16 March 2005 in DCCJ No. 5079 of 2004 in the sum of $534,655.28 with interest and costs of $10,000.00.

2.  A demand for the judgment debt was served on the Company on 20 August 2005.  At the hearing before Deputy Judge Poon on 17 October 2005, the petition was adjourned pending the outcome of the Company’s application to set aside the default judgment in the District Court.  This was heard by Deputy District Judge S T Poon on 20 January 2006 and judgment was handed down on 8 February 2006.

3.  The Deputy District Judge found that the default judgment against the Company was regularly obtained and he was not satisfied as to the merits of the defence raised by the Company.  Accordingly he declined to set aside the default judgment against the Company. 

4.  The Company’s solicitors have written to the petitioner’s solicitors on 18 February 2006, stating that the Company would no longer oppose the winding-up petition.

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

Mr Y H Lee, instructed by Messrs W K To & Co., for the Petitioner

Messrs Sit, Fung, Kwong & Shum, for the Company, absent

Miss Ada Sze for the Official Receiver