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The registrar of the CAC will approve the procedure once it is shown that all documents filed with the CAC are in accordance with the act.For creditors’ voluntary winding up, after a meeting of the creditors, a liquidator is nominated to liquidate the company’s assets.The winding up will be effected on such terms and conditions as the court thinks just. Liquidation procedures are approved depending on the procedure adopted.For members’ voluntary winding up, the company will pass a board and company resolution to wind up the company and appoint a liquidator, after which a copy of the resolution, a statutory declaration of solvency and all others documents must be filed with the CAC.Section 401 of the Companies and Allied Matters Act provides the three major procedures used to liquidate (also known as winding up) an insolvent company in Nigeria: This occurs where a company passes a resolution to wind up the company and makes a petition to the court to supervise the process.The court may order the company to be wound up subject to its supervision and provide creditors, contributories and others with the right to apply to the court.First, the court – particularly the Federal High Court – has jurisdiction to wind up a company, whether in a creditors’ voluntary winding up or liquidation caused by a court-ordered winding up.

What effects do liquidation procedures have on existing contracts?Section 33 of the act prohibits the voluntary winding up of insurance businesses, except for the purpose of effecting an amalgamation, transfer or acquisition.The Banks and Other Financial Institutions Act (CAP B3, Laws of the Federation of Nigeria, 2004) prohibits the restructure, reorganisation, merger or disposal of interests in banks without the prior consent of the governor of the Central Bank of Nigeria.Further, no recovery action can remain against a company after the commencement of a winding-up petition, as the court would readily stay the proceedings of such action in favour of a winding-up petition.Any execution levied by the judgment creditor on the company’s assets in the process of winding up will be rendered void.

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