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Companies and Allied Matters Act 2020 · Part B · Chapter 24

Section 694 Companies liquidation account defined

(1)
There shall continue to be an account called the Companies Liquidation Account, kept on behalf of the Commission by the Accountant-General of the Federation, into which shall be paid all money received by the Commission in respect of proceedings under this Act in connection with the winding-up of companies.
(2)
All payments out of money standing to the credit of the Commission in the Companies Liquidation Account shall be made by the Accountant-General in the prescribed manner.
Cite as: Companies and Allied Matters Act 2020, section 694

What this section means

From the guide: Voiding a dissolution and the Companies Liquidation Account under CAMA 2020

  • In any winding up the court can have regard to creditors’ and contributories’ wishes (section 686), and winding-up money is held in the Companies Liquidation Account (sections 694 to 696).
  • All money the Commission receives in winding-up proceedings is paid into it, and payments out are made by the Accountant-General in the prescribed manner (section 694).

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.