Court Urged To Wind Up Firm

A limited liability company, Associated Textile Manufacturing Company, in a petition field before a Federal High Court in Lagos southwest Nigeria is urging the court to wind up another limited liability company, Amsata Super Sandals Manufacturing Company, on the ground that the company cannot pay a debt of N162,495,970 it was owing the petitioner.

In the said petition filed before the court by a Lagos lawyer, Barrister Gabriel Ojiekhudu, on behalf of Associated Textile Manufacturing company, the petitioner alleged that by virtue of an agreement executed by the petitioner and the Amsata Super Sandals manufacturing company, the respondent took a lease of the petitioners warehouse at Shed 21, situated at Plot 1 and 2 Block D, Isolo Industrial Estate from 1June, 1996 to 31 May, 1998 at an annual rent of N1,174,500.

Consequently, the respondent was granted lease to the said premises from that year till June, 1996.

The tenancy of the respondent company was determined but the respondent failed to yield and deliver up possession.

In view of this, the petitioner mandated the law firm of Gabriel Ojiekhudu to institute a suit against the respondent seeking recovery of the premises.

Prior to the institution of the suit, the respondent was owing arrears of rent for seven years amounting to a total sum of N162,495,970.

On  8 May 2012, Lagos State high court delivered judgement in which the petitioner was granted judgement for arrears of rent in the sum of N162,495,970.

Since the judgement  was delivered, the respondent company has sacked its workers and has been evacuating its assets from the premises and has removed and evacuated its  electricity transformer from the premises.

The petitioner, therefore humbly pray the court for an order of the court to wind up the respondent Amsata Super Sandals Manufacturing.

Justice Okon Abang has adjourned till next week for hearing of the petition.