Business Support Services

Business Formation & Secretarial Services

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.

Receivership & Liquidation

Receivership involves the taking over charged assets of insolvent companies, turning them around and recovering debt owed before handing over to the business owners. The process involves identifying the problems and causes of insolvent companies and taking over the management for effective turnaround.

Where the business and assets could not be run due to lack of liquidity or other fundamental reasons, the charged assets will be realized to pay off secured creditors.

Liquidation can be voluntary where the owners of business are faced with the difficult choice of winding down the company due to inability to meet creditors' obligations, change in strategy or other fundamental reasons. Liquidation can be compulsory/legal where this is initiated by unpaid creditors in order to recover their debt.

Our receivership and liquidation services include debt recovery, business recovery, company restructuring and turnaround management services.