RE ELEGANT ENTERPRISES LTD

Date of Hearing: 18 December 2006

Date of Judgment: 18 December 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 Elegant Enterprises Limited (the “Company”) presented by a shareholder and creditor of the Company, Yoshimi Saito.

2.  According to the petition, the Company is indebted to the petitioner in the sum of $121,500.00, being director’s remuneration due and owing to the petitioner from October 2005 to June 2006.

3.  A demand for this debt was served on the Company on 25 August 2006.  By a letter dated 29 August 2006, the Company acknowledged the debt to the petitioner and stated it is unable to pay as it is insolvent.

4.  The petitioner has been declared a bankrupt by the Tokyo District Court on 6 June 2006.  There is a letter from the liquidator in November 2006 stating that under Japanese law, the petitioner’s claim against the Company does not form part of the bankruptcy estate, and that he has no objection for the petitioner to bring proceedings to wind up the Company. 

5.  The petition was adjourned on previous occasions, as a factory in Zhongshan had appeared raising opposition to the petition.  However no notice of intention to appear on the petition has been filed by this creditor nor has it filed any evidence in opposition.  No one has appeared for this creditor today.

6.  In the circumstances, as the petitioner’s debt is not in dispute, and there is no opposition to the petition, I make an order to wind up the Company.  The petitioner’s costs are to be paid out of the assets of the Company.

Ms Sara Tong, instructed by Messrs Deacons, for the Petitioner

The Company : Elegant Enterprises Limited, absent

Miss Vivian Yeung, for the Official Receiver