(1)
A company may appoint an administrator out of Court.
(2)
The directors of a company may also appoint an administrator out of Court.
Companies and Allied Matters Act 2020 · Part B · Chapter 18
Section 459 Power to appoint by company or directors
Cite as: Companies and Allied Matters Act 2020, section 459
What this section means
From the guide: What is administration of a company under CAMA 2020?
- A company or its directors may appoint an administrator out of court (section 459), after giving at least three working days’ written notice to anyone entitled to appoint a receiver or an administrator (section 463).
Read the whole subject
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.