Where a winding-up petition has been presented and an action or other proceeding against a company is instituted or pending in any Court (in this section referred to as “the Court concerned”), the company or any creditor or contributory may, before the making of the winding-up order, apply to the Court concerned for an order staying proceedings and the Court concerned may, with or without imposing terms, stay or restrain proceedings, or if it deems fit, refer the case to the Court hearing the winding-up petition.
Companies and Allied Matters Act 2020 · Part B · Chapter 21
Section 575Power to stay or restrain proceedings against company
Cite as: Companies and Allied Matters Act 2020, section 575
What this section means
From the guide: Winding up by the court under CAMA 2020: process, effects and court powers
- Once a petition has been presented, the company, a creditor or a contributory can apply to the court where another action against the company is pending to stay or restrain it, or to refer it to the winding-up court (section 575).
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.