N34.7m debt: Declare BAU Group insolvent, Firm prays court

March 22, 2021
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A Federal High Court, Ikoyi, Lagos Nigeria, has been urged to wind up BUA Group Limited over alleged failure of the company to offset its debt.

The application is coming from a logistics firm, Mainland Cargo Options Limited, which in its winding up application marked FHC/L/CP/376/21, revealed that the order sought for was due to BUA Group’s inability to pay the sum of N34, 771,203.02 million, which was the balance of N44,771,203.02 million, an amount accrued from various logistics services it rendered to the company between September 2018 to April 2019.

Mainland Cargo Options Limited stated that at the completion of the said services, the respondent only paid the sum of N10 million, on March 27, 2019, while it allegedly failed to offset the balance of N34,771, 203. 02 million.

The logistics firm held that despite its several efforts, pleading with the company (BUA) to pay the balance, the respondent neglected, refused to pay the same or any part thereof for two years.

The petitioner stated that with the above revelation, the respondent (BUA Group) has become insolvent and unable to pay its indebtedness amounting to N34,771,203.02 million, for the services rendered for over two years now.

Owing to the above, the petitioner asked the court to declare BAU Group insolvent and unable to pay its debts and also to wind it up.

The firm also asked the court for an order appointing a renowned chartered accounting firm as liquidators of the company.

The petitioner in an affidavit on non-multiplicity of action on the same subject matter deposed by Damilola Badejo, a litigation clerk, averred that except where otherwise stated, all the facts deposed to in the affidavit were within his personal knowledge, information and belief.

He averred that, he was informed by one Chinasa Uka, a representative of the petitioner, at their office on March 3, 2021, that there is no multiplicity of action on the subject matter of the suit, adding that the suit is the only suit filed by the petitioner/applicant against the respondent in respect of the subject matter of the suit.

BUA Group is yet to file any response to the suit, while no date has been fixed for its hearing.

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