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Striking off, A More Efficient Way to Wind up Companies - Lamar Gadzama

Striking off, A More Efficient Way to End A Company's Operations in Nigeria

After the creation of a company, its members or creditors may decide to dissolve it due to divergent reasons. The usual process deployed to end a company's corporate existence is known as winding-up; however, the Companies and Allied Matters Act, 2020 (“CAMA”) provides an alternative to this rather lengthy procedure called striking off.

This article will discuss the differences between the three winding-up routes contained in the CAMA, the innovation of striking off a company's name from the register of companies, the striking-off procedure, and its effect on companies.

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