A Court may make an administration order in relation to a company, where it is satisfied that the—
(a)
company is or is likely to become unable to pay its debts ; and
(b)
administration order is likely to achieve the purpose of administration.
Companies and Allied Matters Act 2020 · Part B · Chapter 18
Section 449 Conditions for making order
Cite as: Companies and Allied Matters Act 2020, section 449
What this section means
From the guide: What is administration of a company under CAMA 2020?
- The court may make an administration order if the company is, or is likely to become, unable to pay its debts and the order is likely to achieve the purpose of administration (section 449).
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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.