Nigerian Acceptances Ltd & Anor V. Couthinho Caro & Co (1974)
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The appeals have not raised any fundamental issue as all parties concerned agree to the appeals and indeed asked that they should be allowed. Both the Nigerian Acceptances Ltd. and the West African Steel & Wire Ltd. have contended before us that the Terms of Settlement filed by the parties concerned-Leo the company to be wound-up (West African Steel and Wire Ltd.) and the petitioners for winding-up (Messrs. Coutinho Caro & Co.) are agreeable to all the other creditors of the company and that in the event the learned trial judge should have made the order of winding-up sought.
We are of the view that the learned trial judge in refusing to make the order on the grounds that neither section 209(e) nor section 321 of the Companies Decree entitled him to make the order sought, clearly overlooked the provisions of Rule 227 of the Winding-up Rules which apply to these proceedings the general rules of court in civil cases. In the present matter, all parties are agreed that in their best interest a winding-up order should be made and we are unable to agree with the learned trial judge that there was no evidence on which he could base such an order.
The appeals succeed and they are allowed. The judgment of the Federal Revenue Court, dated the 5th March, 1974, is set aside and it is ordered that as prayed on the petition for winding-up the West African Steel & Wire Ltd. be wound-up in accordance with the Terms of Settlement filed by the parties as already referred to by us. This shall be the judgment of the Court.
It is also ordered that this order shall be carried out by the court below and that all necessary consequential and incidental orders relating thereto should be made by the said court. We make no order as to costs.
Other Citation: (1974) LCN/1916(SC)