Specialised Business Support
Liquidation & Insolvency
Sometimes directors of a company are faced with the difficult choice of winding down the affairs of their company, either for the reason of a change in strategy, inability to meet creditors’ obligations or other reasons. The liquidation of a company could also be initiated by an unpaid creditor so as to reduce the risk of losing the entire investment in the company. However, liquidation and insolvency practice also includes business recovery and turnaround services for companies that are bugged down by debts and requiring restructuring to enable them bounce back to solvency
At Kreston Pedabo, our liquidation and insolvency services include the following:
- Administrative Receivership
- Debt Recovery
- Voluntary Liquidation/Winding up
- Compulsory Liquidation
Generally, Kreston Pedabo’s Receivership and Debt Recovery service serves as a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event the Company defaults on its loan payments.
Secretarial Services & Company Incorporation
Nigerian companies are required under the Companies and Allied Matters Act LFN 2004 (“CAMA“ or “the Act”) to appoint a secretary. Section 293 (1) of the Act states that “every company shall have a secretary”. It is essential that the directors of a company appoint a secretary who is knowledgeable on regulatory issues.
The Act provides that any of the following categories of persons may be appointed as company secretary:
- A member of the Institute of Chartered Secretaries and Administrators;
- A legal practitioner;
- A member of the Institute of Chartered Accountants of Nigeria;
- A body corporate or firm consisting of members each of whom is qualified under any of the above-stated professional bodies.
Generally, company secretarial services encompass the administration of a company in order to ensure compliance with statutory and regulatory requirements. We would typically carry out holistic services, including; attending the meeting of the company, the board of directors and its committees, rendering all necessary secretarial services in respect of the meeting and advising on regulatory or statutory compliance by the meetings with the applicable rules and regulations; maintaining the company’s registers and other records required to be maintained by law, and; rendering proper returns and giving notification to the Corporate Affairs Commission (CAC) as required by the Act.
