Nova Commercial Bank has petitioned the Federal High Court in Lagos to grant an order winding up Sunrise Products Limited over an alleged failure to settle debts amounting to $2,587,891.21 and ₦276,567,150.63.
The petition was filed on December 19, 2024, by the bank’s legal counsel, Mr. Kemi Balogun (SAN).
According to Nova, Sunrise Products failed to honour its financial obligations despite repeated demands and compliance with the statutory three-week notice period mandated under the Companies and Allied Matters Act.
In the case filed under suit number FHC/L/CP/2357/24, Nova Bank is requesting an order allowing the bank to advertise the winding-up petition in the Federal Government Official Gazette, a national daily, and other newspapers circulating in Lagos State, where the respondent’s registered office and principal place of business are located.
The bank has also raised concerns over the possibility of asset disposition by Sunrise Products.
“There is a real and imminent risk of the respondent dissipating and disposing of its assets within the court’s jurisdiction,” the petition reads.
To mitigate this, Nova Bank is urging the court to make additional orders to preserve the debtor’s assets.
The bank contends that without such measures, any judgment in its favor could be rendered ineffective, leaving the petitioner with no means of recovery.
Nova Bank’s legal action highlights the critical measures financial institutions take to safeguard their interests in the face of non-performing loans.
The petition further underscores the bank’s reliance on legal channels to ensure compliance with financial obligations and preserve the integrity of commercial transactions.
