The history of the fishery for Patagonian toothfish in the Prince Edward Islands EEZ is reviewed briefly. It is characterised by very large illegal catches and a sharply declining longline CPUE trend. Application of a simple age-structured production model provides robust indication that the spawning biomass has been depleted to at most a few percent only of its pre-exploitation level. Projections suggest that the annual TAC should be reduced to at most about 400 tonnes. Implications for surveillance are discussed.