GABRIEL SHOFOLAHAN JOSHUA VS THE QUEEN
September 4, 2025BISI OYETI VS AFOLABIA SOREMEKUN
September 4, 2025Legalpedia Citation: (1964-01) Legalpedia 50297 (SC)
In the Supreme Court of Nigeria
Holden At Abuja
Thu Jan 9, 1964
Suit Number: SC 287/1963
CORAM
BRETT JUSTICE, SUPREME COURT
TAYLOR JUSTICE, SUPREME COURT
BAIRAMIAN JUSTICE, SUPREME COURT
PARTIES
VERTNER W. TANDY
APPELLANTS
THE HARMONY HOUSE FURNITURE CO. LTD
RESPONDENTS
AREA(S) OF LAW
COMPANY LAW-PETITION-WINDING UP
SUMMARY OF FACTS
The petitioners petition for the winding up of the respondent company that it is unable to pay its debt and that it is just and equitable that the company should be wound up was dismissed by the trial court
HELD
The Court held that a compulsory order will be made on terms which are to be the subject of discussion with counsel and we will hear submissions on the question of costs.
ISSUES
Whether it has been shown that the company is unable to pay its debts within the meaning of sections 135(e) and 136 of the Companies Act
Whether the company is under any liability to pay interest on the loan
RATIONES DECIDENDI
WINDING UP
‘A company that cannot pay its debts is liable to be wound up’- BRETT, J.S.C
CASES CITED
” re Tweeds Garages Ltd. [1962] 1 Ch. 406
” re Brighton Club and Norfolk Hotel Company Ltd. (1865) 35 Beav. 204
” re London and Paris Banking Corporation (1874) L.R. 19 Eq. 444
STATUTES REFERRED TO
” Nigerian Companies Act
