Debt:Firm Seeks Court Order To Wind-Up BUA Group

A logistics firm,  Mainland Cargo Options Limited, has sought an order of a Lagos Federal High Court  to wind up BUA Group Limited over alleged failure of the company to  pay its debt.

Specifically, the  firm explained the order

sought for was due to BUA Group’s inability to pay the sum of N34, 257, 906. 56 million, which was the balance of N44,771,203.02 million, an amount accrued from various logistics services it rendered to the company between September, 2018 to April 2019.

The firm  stated that at the completion of the said services, the respondent only paid the sum of N10 million, on March 27, 2019, while it allegedly fail to offset the balance of N34, 257, 906. 56 million.

According to the firm,despite  several efforts, pleading with the company (BUA) to pay the balance, the respondent neglected, refused to pay same or any part thereof for two years.

It stated the with the above revelation, the respondent (BUA Group) has become insolvent and unable to pay it’s indebtedness amounting to N34, 257,906.56 million, for the services rendered for over two years now.

It therefore prayed the court to declare BUA Group insolvent and unable to pay its debts and also to wind it up accordingly

Besides,the firm  asked the court for an order appointing a renowned chartered accounting firm as liquidators of the company.

The petitioner in an affidavit on non-multiplicity of action on the same subject matter deposed to by Damilola Badejo, a litigation Clerk in the law firm of Salawu, Akingbolu & Co, averred that except where otherwise stated, all the facts deposed to in the affidavit were within his personal knowledge, information and believe.

He aveered that, he was informed by one Chinasa Uka, a representative of the petitioner, at their office on March 3, 2021, that there is no multiplicity of action on the subject matter of the suit. Adding that the suit is the only suit file by the petitioner/applicant against the respondent in respect of the subject matter of the suit.