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.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • Is my copyright registration in Nigeria protected globally?

    The nature of copyright is territorial, so the copyright work is only protected in the country of registration
  • 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.
  • 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.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp