Posted By: | December 04, 2020 |

Understanding Winding-Up in Nigeria: Frequently Asked Questions (FAQs)

Companies are formed for many reasons, with the intent that they flourish, be profitable and by staying as a going concern, able to generate returns on investment for the shareholders, continue to be an employer of labour, taxpayer to government, responsible corporate citizen contributing to worthy causes, and service provider meeting the needs of its customers. However at some point, due to varying circumstances, it might become necessary to terminate the life of a company, dissolving its business via winding-up. Winding-up could become necessary when a business is no longer making profit; when competition is wearing down a business; the owner is no longer interested in operating the business; or arising from the business’ inability to pay its debts, etc.

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