AP Rajah J:

This is an appeal arising out of an order made by Choor Singh J in the above winding-up petition.

The abovenamed first appellant is a company incorporated in Singapore in 1969 under the Companies Act and has its registered office at Room 1506, 15th Floor High Street Centre, North Bridge Road, Singapore. The nominal capital of the company is $1m divided into 1m ordinary shares of $1 each. The amount of the capital paid up or credited as paid up is $2. The shareholders of the company are two in number, one being the second appellant and the other being one Low Seow Nam. The main object of the company was to act as attorneys, nominees, agents, receivers, managers and trustees.

On 14 April 1976 the Supreme Court of Hong Kong ordered that Mosbert Acceptance Ltd., a company incorporated in Hong Kong, be wound up and appointed the Official Receiver and Liquidator in Hong Kong the liquidator thereof, the respondent herein. A first examination of the books of the company showed that the first appellant was indebted to the Hong Kong company in the sum of HK$529,054.97 in respect of loans and advances made by it to the first appellant.

On 24 May 1976 the respondent pur