Law  

Court dismisses objection against winding-up action

courtJustice Abdulaziz Anka of the Federal High Court, Lagos, has over-ruled the objection raised by Gran Imperio Group of Companies Limited against a winding-up action instituted against it by unpaid creditors.

Gran Imperio had by a notice of preliminary objection challenged the competence of the winding-up action on the basis that the sum stated in the statutory demand notice of the petitioners was different from the amount stated in the petition and as such contravened the provisions of Section 409 of CAMA.

The firm had argued that after the creditors had served it with a statutory notice demanding payment of a larger amount, it made part-payment of the sum owed, leaving a balance of N5million.

It then contended that the creditors filed a winding-up petition against the company on the strength of the earlier statutory demand notice, without serving a new demand notice for the outstanding balance.



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