WINDING UP PROCEDURE - PROCEDURE FOR PROVING A DEBT AGAINST A WOUND-UP COMPANY
Topic starter September 13, 2019 8:41 am
"Under the Companies Winding up Rules 1983, a debt is proved against a wound-up Company by delivering or sending through post to the liquidator an affidavit verifying the debt, which must contain or refer to the statement of account showing the particulars of the debt and whether the creditor is or is not a secured creditor. The liquidator has the power to examine and admit or reject every proof lodged with it. It is only when a creditor is dissatisfied with the decision by the liquidator that he can apply to the court to reverse or vary the decision."
PER K.B. AKAAHS, J.S.C IN YHE CASE OF AKAHALL & SONS LIMITED V NIGERIAN DEPOSIT INSURANCE CORPORATION (RECEIVER/LIQUIDATOR OF ALLIED BANK OF NIGERIA PLC; LER(2017): SC. 302/2006