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Court hears winding up petition against company Jan 29

By Joseph Onyekwere
19 December 2017   |   1:47 am
A federal high court, Port Harcourt, River State would on January 29, 2018, hear the winding up petition filed by Eunisell Limited against Geo-Fluids Limited and Dr. Alali Ibanibo.The petitioner, Eunisell had asked the court to wind up the firm for its inability to pay up a $265, 492 debt it owed them.

Court

A federal high court, Port Harcourt, River State would on January 29, 2018, hear the winding up petition filed by Eunisell Limited against Geo-Fluids Limited and Dr. Alali Ibanibo.The petitioner, Eunisell had asked the court to wind up the firm for its inability to pay up a $265, 492 debt it owed them.
  
According to the petitioner, by two local purchase orders dated November 11, 2010, the first respondent requested it to supply to it several drums of Emulsifier, Corrosion inhibitor, Rheology modifier, wetting Agent, Biocide and biocide (50% CONC) chemicals.It alleged that the items were supplied to the first respondent and they refused to pay.

“The proceeds of the assets of the first respondent company be used to settle the debt owed the petitioner by the first respondent company.“The second respondent be personally and jointly with the first respondent responsible without any limitation of liability, for all the debts and other liabilities of the first respondent and such other orders that this court may deem fit to make in the premises as shall be just and equitable,” the petitioner prayed.

  
The petition is accompanied with an affidavit deposed to by Raymond Ezike, an employee of the petitioner.In it, the deponent swore that the petitioner had made several demands on the respondents and the respondents refused to meet their obligation to pay the debt.
  
“The petitioner states that despite its solicitors demand letter dated July 19, 2011, the respondents still refused to pay the debt,” he averred.But the respondent in its counter affidavit denied that it is indebted to the petitioner to the tune of $265, 492.
  
The respondents’ deponent, Mrs. Shola Ezema said the company upon receipt of the items, found out that most of them were substandard and could not be used for the purpose for which they were intended.She swore that notwithstanding the circumstance, they have made several amounts of payments to the petitioner.
  
“From January 1, 2010 to May 31, 2013, the ledger shows that a total transaction entry of N61, 842, 650 and a total sum of N46, 824,243 and that the invoices under reference have been paid for since December 1, 2010. The first respondent on August 15, 2013 made out a manager’s cheque for the sum of N5million to the petitioner vide GT Bank cheque,” she averred, adding that the company has the ability to pay its debts as it is a viable company with assets worth over $2billion.