Winding up company - ljkjl PDF

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Winding up company Law that governs Companies Act 2016 Procedure – Rules of Court 2012 (RC)

Purpose ?  dissolve the company, sell off its assets and settle all debts Types- s.432 CA2016 1) Voluntary 2) Involuntary / Compulsory Winding Up COVID 19 special protection for Companies in 2020 On 23 April 2020, the Minister of Domestic Trade and Consumer Affairs gazzetes

Definition of “inability to pay debts” 466. (1) A company shall be deemed to be unable to pay its debts if— (a) the company is indebted in a sum exceeding the amount as may be prescribed by the Minister and a creditor by assignment or otherwise has served a notice of demand, by himself or his agent, requiring the company to pay the sum due by leaving the notice at the registered office of the company, and the company has for twenty-one days after the service of the demand neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor;

Circumstances in which company may be wound up voluntarily 439. (1) A company may be wound up voluntarily— (a) when the period, if any, fixed for the duration of the company by the constitution expires, or the event, if any, occurs, on the occurrence of which the constitution provide that the company is to be dissolved and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily; or (b) if the company so resolve by special resolution....