Nova Bank Urges Court To Wind Up Sunrise Products Over Unpaid Debts

Nova Commercial Bank has asked the Federal High Court in Lagos to wind up Sunrise Products Limited due to its alleged failure to pay back an outstanding debt of $2,587,891.21N276,567,150.63 allegedly owed to the bank.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt. Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by the bank’s lawyer, Kemi Balogun (SAN), under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt. Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by the bank’s lawyer, Kemi Balogun (SAN), under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.