Winding up by the court under CAMA 2020: sections 570 to 619
Chapter 21 covers winding up by the court: petitions, the official receiver, liquidators and the court’s powers.
Chapter 21 of Part B has 50 sections. Every section is listed below with its title.
Guides in this chapter
- When is a company unable to pay its debts under CAMA 2020?Section 572 defines when a company is unable to pay its debts. Here are the three tests and what follows from them.ss. 570-573
- Winding up by the court under CAMA 2020: process, effects and court powersSections 573 to 619 explain the petition, when the winding up starts, what is void afterwards, the court’s powers and how the company ends.ss. 574-581
- Liquidators, the official receiver and the committee of inspection under CAMA 2020Sections 582 to 600 explain the roles of the official receiver, the liquidator and the committee of inspection in a winding up by the court.ss. 582-600
Key rules in this chapter
- A winding up by the court starts when the petition is presented (section 578(2)).
- The official receiver receives a statement of affairs within 14 days (section 583).
- A liquidator who keeps more than ₦50,000 for over 10 days without approval pays 20% interest a year (section 591(3)).
Previous: Chapter 20: Winding up: modesNext: Chapter 22: Voluntary winding up
Source: the Companies and Allied Matters Act 2020 as published in the Official Gazette.