APPLICATIONS AND ORDERS IN WINDING-UP PROCEEDING IN NIGERIA: RESOLVED AND UNRESOLVED ISSUES

Abstract

Winding up refers to the process of liquidation of the affairs of a company, and the appointment of a Liquidator for the purpose of gathering the assets of the wind up company for distribution to persons entitled thereto. The Law on winding up is primarily contained in the Companies and Allied Matters Act, Cap C20 Laws of the Federation of Nigeria 2004. Being that winding up proceedings is basically predicated on the principle of collectivity that subsumes the rights of creditors and other interested persons, there are applications and orders made in winding up proceedings. However, the boundaries and limits of these applications and orders remain uncertain. Therefore, this paper examined some of the applications and issues in winding up proceedings. It was the conclusion and suggestions of the paper that while interlocutory issues and applications are seemingly inevitable in winding up proceedings, the courts in Nigeria have commendably resolved some of the knotty issues.