The Court may fix a time or times within which creditors are to prove their debts or claims, or be excluded from the benefit of any distribution made before those debts are proved.
Companies and Allied Matters Act 2020 · Part B · Chapter 21
Section 608 Power to exclude creditors not proving in time
Cite as: Companies and Allied Matters Act 2020, section 608
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.