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Companies and Allied Matters Act 2020 · Part B · Chapter 21

Section 605Power of Court to make calls

(1)
The Court may, at any time after making a winding-up order and either before or after it has ascertained the sufficiency of the assets of the company, make calls on all or any of the contributories for the time being settled on the list of the contributories to the extent of their liability, for payment of any money which the Court considers necessary to satisfy the debts and liabilities of the company, the costs, charges and expenses of winding-up, the adjustment of the rights of the contributories among themselves, and make an order for payment of the calls made.
(2)
In making a call under this section, the Court shall take into consideration the probability that some of the contributories may fail, wholly or partially to pay for the call.
Cite as: Companies and Allied Matters Act 2020, section 605

What this section means

From the guide: Winding up by the court under CAMA 2020: process, effects and court powers

  • It can order contributories, trustees, receivers, bankers, agents or officers to hand over money, property and books to the liquidator (section 603), make calls on contributories (section 605), fix a time for creditors to prove debts (section 608), order the costs of winding up to be paid from the assets (section 611), and summon and examine anyone who may have company property or information (section 612).

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.