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Having wound-up the company's affairs, the liquidator must call a final meeting of the members (if it is a members' voluntary winding-up), creditors (if it is a compulsory winding-up) or both (if it is a creditors' voluntary winding-up). The liquidator is then usually required to send final accounts to the Registrar and to notify the court.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
This process is known as creditors voluntary liquidation (CVL), as opposed to members voluntary liquidation (MVL) which is for solvent companies. Alternatively, a creditor can petition the court for a winding-up order which, if granted, will place the company into what is called compulsory liquidation or winding up by the court.
In law, dissolution is any of several legal events that terminate a legal entity or agreement such as a marriage, adoption, corporation, or union.. Dissolution is the last stage of liquidation, the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are gone forever.
A court may issue a stay in a winding-up upon the creation of an application for rescission, an order being made against a false or mistaken institution, the petition debt being paid in full, the pertaining institution ceasing to exist, or the prior existence of a winding-up order. [5]
The Law of Nigeria consists of courts, offences, and various types of laws. Nigeria has its own constitution which was established on 29 May 1999. The Constitution of Nigeria is the supreme law of the country. There are four distinct legal systems in Nigeria, which include English law, Common law, Customary law, and Sharia Law.
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While enabling provisions in respect of winding up and dissolution of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act. The Registrar of Companies (RoC) shall register and control LLPs. The Act also provides rules for Limited Partnerships.