The Federal High Court In Lagos State is set to hear a case, seeking the liquidation of a Lagos-based firm, Sunrise Products Ltd, due to alleged failure to settle a debt amounting to $2,587,891.21 and N276,567,150.63.
The suit alleged that the Lagos company is bankrupt and ignored demands for payment, despite being served the statutory three-week notice required under the Companies and Allied Matters Act (CAMA).
Nova Commercial Bank, a financial institution, brought the suit, asking the Federal High Court, Lagos, to grant an order winding up Sunrise Products Ltd for failure to liquidate the debts.
The petitioner made the winding-up prayer in a petition filed on December 19, 2024, by its counsel, Mr. Kemi Balogun (SAN), in a suit FHC/L/CP/2357/24 and obtained on Monday.
Specifically, the petitioner prayed for “an order granting leave to the Petitioner/Applicant to advertise the winding-up petition of the respondent in the Federal Government Official Gazette, one national daily newspaper, and other newspapers circulating in Lagos State, where the registered office and principal place of business of the respondent are located, or in such other newspaper as the Court may direct, in compliance with the Companies Winding-Up Rules 2001.”
Furthermore, the bank informed the court that there is “a real and imminent risk of the Respondent dissipating and disposing of its assets within jurisdiction.”
It prayed the court to make other orders to preserve the debtor’s assets; otherwise, the judgment of the court in the suit, if given in favor of the Petitioner, would be rendered nugatory, and the petitioner would be left with nothing.
Joined in the suit are the Central Securities Clearing System (CSCS) Plc and 21 banks.
The motion on notice prayed for several reliefs, including “an order appointing the Deputy Chief Registrar of the Federal High Court, Lagos, as Provisional Liquidator to take over and oversee the affairs and continuous running of the Respondent’s company, pending the grant of the winding-up order.
“An order of interlocutory injunction restraining the Respondents, their directors, members of staff, management, employees, officers, agents, privies, or any other person or group of persons whatsoever under the Respondent’s authority or any other authority (howsoever derived or sourced) from operating, withdrawing from, and/or otherwise tampering with the Respondent’s funds under whatsoever name or guise in the cited financial institutions, pending the grant of the petition.
“An order of interlocutory injunction restraining the Respondent, their agents, servants, and/or privies from tampering with, alienating, transferring, and/or otherwise dissipating or appropriating the Respondent’s fixed and movable assets, howsoever described and called, pending the grant of the winding-up order.”