Section 450 CAMA 2020

Section 450 Companies and Allied Matters Act is about Application to Court for administration order. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) An application to the Court for an administration order in respect of a company (in this Act referred to as an “administration application”)may be made by—

(a) the company ;

(b) the directors of the company ;

(c) one or more creditors of the company ;

(d) the designated officer of the Federal High Court appointed to act asa receiver under this Act or any other law ; or

(e) a combination of the persons listed in paragraphs (a)-(d).

(2) As soon as is reasonably practicable after the making of an administration application, the applicant shall notify—

(a) any Court that has appointed a receiver and any person who has appointed a receiver of the company ;

(b) a person who has, who is or who may be entitled to appoint a receiver of the company ;

(c) a person who is or may be entitled to appoint an administrator of the company under section 452 of this Act ; and

(d) such other persons as may be prescribed.

(3) An administration application shall not be withdrawn without the permission of the Court.

(4) In subsection (1), “creditor” includes a contingent creditor and a prospective creditor.