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Companies and Allied Matters Act 2020 · Part B · Chapter 18

Section 519Cessation of administration by Court on application of creditors

(1)
On the application of a creditor of a company, the Court may provide for the appointment of an administrator of the company to cease to have effect at a specified time.
(2)
An application under this section shall allege an improper motive—
(a)
in the case of an administrator appointed by administration order, on the part of the applicant for the order ; or
(b)
in any other case, on the part of the person who appointed the administrator.
(3)
On an application under this section, the Court may—
(a)
adjourn the hearing conditionally or unconditionally ;
(b)
dismiss the application ;
(c)
make an interim order ; or
(d)
make any order it considers appropriate, whether in addition to, in consequence of or instead of the order applied for.
Cite as: Companies and Allied Matters Act 2020, section 519

What this section means

From the guide: What is administration of a company under CAMA 2020?

Administration puts an administrator in charge of a struggling company. Here is how it starts, what it freezes, and the deadlines under sections 443 to 549.

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.