Subject to the provisions of this Act as to preferential payments, the property of a company shall, on its winding-up, be applied in satisfaction of its liabilities pari passu and, subject to such application shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.
Companies and Allied Matters Act 2020 · Part B · Chapter 22
Section 643 Distribution of property of company
Cite as: Companies and Allied Matters Act 2020, section 643
What this section means
From the guide: Voluntary winding up under CAMA 2020: members’ and creditors’ winding up
- The company’s property is applied to its liabilities equally among creditors, subject to the rules on preferential payments, and any surplus is distributed among members according to their rights (section 643).
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.