An order for winding-up a company shall operate in favour of all the creditors and of all the contributories of the company as if made on the joint petition of a creditor and of a contributory.
Companies and Allied Matters Act 2020 · Part B · Chapter 21
Section 581 Effect of winding-up order
Cite as: Companies and Allied Matters Act 2020, section 581
What this section means
From the guide: Winding up by the court under CAMA 2020: process, effects and court powers
- The order operates in favour of all creditors and contributories as if made on the joint petition of a creditor and a contributory (section 581).
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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.