Cessation To Act As A Receiver, Receiver Manager, Administrator, Or Supervisor

NGN 32,000.0

10 days

Corporate Amendment

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Description

Information about the compliance service

Receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event a company defaults on its loan payments. Discharging a Receiver/Manager involves specific procedural requirements to ensure that the discharge is legally recognized and that all relevant stakeholders are notified.

Requirements

Info and documents needed for this service

  1. Court Order or Deeds of Discharge (where applicable).
  2. Company details and particulars.
  3. Company RC number.
  4. Details of a person who has ceased to act as an administrator, receiver, receiver manager or supervisor.
  5. Cessation details.
  6. Date of cessation.

Process

Steps involved in this compliance service

  1. The official document indicating the discharge of the Receiver/Manager must be duly stamped and submitted to the CAC.
  2. Formal notification of the discharge must be provided to the CAC.
  3. Pay applicable fees to the CAC for processing the discharge.

FAQs

Frequently asked questions about this service

  1. What happens when someone steps down or ceases to act as a receiver, receiver manager, administrator, or supervisor?
When a person stops acting as a receiver, receiver-manager, administrator, or supervisor for a company, they must notify the Registrar of Companies officially. This process involves filing the relevant notification of cessation document, which marks the end of their role and responsibilities. Filing this notice is crucial for maintaining accurate company records and ensuring proper documentation of the transition in authority over company assets.
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