Court told to wind up company over $265,492 debts

A petition to wind up Geo-Fluids Limited, located in Port Harcourt, Rivers State, over alleged debt of $265,492 has been filed before the Federal High Court sitting in Port Harcourt division. In an application for winding up, filed pursuant to sections 408, 409, and 410 of the Companies and Allied Matters Act, Cap, C20 LFN, 2004, by Eunisell Limited, through their counsel, Samuel Agweh, the petitioner is asking the court to wind up the respondent company and use the proceeds to settle its debts. Joined in the petition as respondent is Geo-Fluids Limited Managing Director, Dr Alali Ibanibo.

In a 15-paragraph statement in support of the petition, Eunisell Limited averred that it supplied some products including several drums of emulsifier, corrosion inhibitor, rheology modifier, wetting agents etc, worth $265,492 to Geo-Fluids Limited, with LPOs Nos. POI-424 and POI-425, dated November 22, 2010 with waybills Nos 000366 and 00366B dated 20 and 28 November, 2010. The petitioner stated that a request for payment were made to the company on November 29, 2010 but it failed to honour it.

This according to the petitioner made it to request for the winding of the company through its managing director, which he refused. Eunisell submitted that the respondents are not willing to pay for the goods, praying the court to wind it up to enable payment for the liquidation of the debts.