Where an order has been made for winding-up an unregistered company, no action or proceeding shall be proceeded with or commenced against any contributory of the company in respect of any debt of the company except by leave of the Court, and subject to such terms as the Court may impose.
Companies and Allied Matters Act 2020 · Part B · Chapter 25
Section 702 Action stayed on winding-up order
Cite as: Companies and Allied Matters Act 2020, section 702
What this section means
From the guide: Winding up an unregistered company under CAMA 2020
- After the order, no action can be brought or continued against a contributory for the company’s debt except by leave of the court (section 702).
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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.