Debt: Court Urged To Winds Up Company

A Lagos businesswoman, Cecilia Nwosu, has filed a petition before a federal high court in Lagos, southwest Nigeria, urging it to wind up a construction company, Western Technology and Energy Services Limited, with registered office at 18 Onikepo Akande Street, Opposite Avelon House, Admiralty way Lane 12, Lekki Phase 1, Lagos State, on the ground that the company is insolvent and unable to pay its debts.

In the said winding up petition filed before the court by a Lagos lawyer, Barrister Wale Adesokan, the petitioner alleged that she purchased four units of shops at Lekki central market for which she paid a total sum of N8,400,000 which the Western Technologies and Energy Services Company was unable to deliver.

Mrs. Nwosu averred further that after waiting in vain for the company to make good its promise to deliver, mandated her solicitors Messrs Adesokan and Company to write a letter dated 18 May, 2012 demanding for payment of the said outstanding debt from the respondents.

However, the respondent failed and refused to pay the undisputed outstanding debt of N8.4 million in spite of repeated demands. Consequently, the petitioner alleged that the respondent is insolvent and unable to pay its debts and it is, therefore, just and equitable in the circumstance that the respondent be wound up.

The petitioner urged the court to wind up the company in accordance with the provision of the Company and Allied Matter Act, and appoints liquidators to supervise the winding up process in order to pay the petitioner her N8,400,000 with interest from 12 February, 2010 until full payment and to other creditors as may be entitled by their respective claims.