Diab Nasr V. Complete Home Enterprises(Nig.) Limited (1977)

LawGlobal-Hub Lead Judgment Report

A. G. IRIKEFE, J.S.C. 

In suit M/126/73, the appellant before the Lagos High Court commenced winding-up proceedings against the respondents on an alleged liability arising under a bill of exchange.

The said proceedings were brought under the Companies Decree (No. 51 of 1968) and the petition states as follows:-

“(1) The Complete Home Enterprises (Nigeria) Limited (hereinafter called the company”) was on the 21st day of November, 1962 incorporated under the Companies Act.

(2) The Registered Office of the company is at 38, Agege Motor Road, Alakija, Lagos.

(3) The nominal capital of the company is 30,000(pounds) (N60,000.00) divided into 30,000 shares of 1(pounds) (N2) each. The amount of the capital paid up or credited as paid up is 30,000(pounds) (N60,000.00).

(4) The objects for which the company was established are to import from overseas and sell various kinds of goods in Nigeria and to carry on other related activities as set forth in its Memorandum of Association.

(5) The company is indebted to your petitioner in the sum of 46,469.8.4d(pounds) (N92,938.83) being the balance of amount due on a bill of exchange drawn by the company on West African Steel and Wire Limited and endorsed to the petitioner who was holder in due course and which bill was dishonoured by non payment notice whereof has been given to the company.

(6) The said bill of exchange is dated 18th May, 1972 and was drawn by the company as aforesaid and made payable to the company as payee and was duly endorsed by the company in favour of the petitioner.

(7) Your petitioner has made several requests to and demands on the company for payment on its debt, but the company has failed and neglected to pay the same or any part thereof because it is unable to do so.

(8) In the circumstances it is just and equitable that the company should be wound up.

Your petitioner therefore prays as follows:-

(1) That the Complete Home Enterprises (Nigeria) Limited be wound up by the court under the provisions of the Companies Decree 1968;

(2) Or that such other order be made in the premises as shall be just.”