Where a company is being wound up by the Court, any attachment, sequestration, distress or execution put in force against the estate or effects of the company after the commencement of the winding-up is void : Provided the provisions of this section do not apply to a fixed charge or any other validly created and perfected security interest other than a floating charge.
Companies and Allied Matters Act 2020 · Part B · Chapter 21
Section 577 Avoidance of attachments
Cite as: Companies and Allied Matters Act 2020, section 577
What this section means
From the guide: Winding up by the court under CAMA 2020: process, effects and court powers
- Any attachment, sequestration, distress or execution against the company after commencement is void, but this does not apply to a fixed charge or another validly created and perfected security interest other than a floating charge (section 577).
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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.