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

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
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