RE L&C LIGHTING (HK) LTD

HCCW 514/2009

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

COMPANIES (WINDING-UP) NO. 514 OF 2009

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JUDGMENT

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1.  This is a petition presented by the Hongkong and Shanghai Banking Corporation Limited on 14 April 2009 to wind up L & C Lighting (H.K.) Limited (“the Company”). A statutory demand was served on the Company seeking payment of a debt of HK$71,146.15 and US$2,700,055.92 with interest for banking facilities.

2.  The petition was presented on 21 August 2009.

3.  The petition first came before the court on 28 October 2009 and adjournments had been granted on several occasions for the Company to make an offer of settlement to the petitioner.

4.  Subsequent to the issue of the statutory demand, the petitioner received part payment from the Company. As at 19 November, the Company was indebted to the petitioner of HK$101,528.17 and US$2,659,848.39.

5.  The parties, however, have not been able to reach a settlement and I understand from the petitioner’s counsel that the two offers received by the petitioner recently were no better than the offer made by the Company in the summer.

6.  As there is no dispute of the indebtedness to the petitioner, and the Company is unable to make payment, the petitioner is entitled to a winding-up order.

7.  I order the Company to be wound up. The petitioner's costs are to be paid out of the Company's assets.