How to close your Company in Nigeria

How to close your Company in Nigeria

December 15, 2021

The closing of a company in Nigeria is called winding up and it can be done voluntarily by court order or by supervision of the court.

The procedure for winding up is done at the Federal High court where the company’s head office or registered address is. An application for winding up can be brought by the company/directors, creditors, official receivers, contributories, a trustee in bankruptcy or legal representative or even the commission and it can be done jointly or severally.

A company can be wound up on the following grounds;

  1. By a special resolution to dissolve the company.
  2. When the company is unable to pay is debts.
  3. When the company does not file statutory report. In most cases they are delisted from the list of companies by the commission.
  4. Where the number of shareholders does not meet the required standard for companies under its type of registration.
  5. Where the court deems it just and equitable.

An application for winding up is brought to the Federal High Court through a petition. The court can dismiss it, adjourn for further hearing, grant an interim order or grant the order as prayed.

The winding up of a company voluntarily is deemed to have commenced the moment a special resolution is passed by the company for winding up.

Team 618 Bees

 

618 Bees can help you quickly and easily help close/wind up your company in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your registration with the Corporate Affairs Commission (CAC).

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.
  • Who benefits from copyright in Nigeria?

    The creator of the original copyright work (the Author) is the one who benefits but he can transfer his right to a third party.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Can my kids be shareholders in my company?

    Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.
  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.
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