Professional Receivership & Liquidation Services
Whether you are a director facing insolvency, a secured creditor seeking to appoint a receiver, or a shareholder wanting to wind up a company properly — Joseph Dauda & Co. provides professional receivership and liquidation services you can trust.
When a business faces distress, you need experienced hands.
At Joseph Dauda & Co., we understand that receivership and liquidation are sensitive, often difficult processes — for directors, shareholders, employees, and creditors. Whether a company can no longer pay its debts, a secured creditor has appointed a receiver, or shareholders have decided to wind up voluntarily, we act professionally, transparently, and compassionately. Licensed by ICAN and CITN, our team ensures every step complies with the Companies and Allied Matters Act (CAMA) 2020 and other relevant laws — protecting the interests of all parties involved.
What Our Receivership & Liquidation Covers
Court-Appointed Liquidation
When a court orders a company to be wound up due to insolvency or other grounds, we act as official liquidators. We take control of assets, notify creditors, realize value, and distribute proceeds according to legal priority.
Creditors' Voluntary Liquidation (CVL)
When a solvent or insolvent company's shareholders decide to wind up, we manage the entire CVL process — from board resolution to final distribution — ensuring full compliance with CAMA and creditor protection.
Receivership (Debenture Holders)s
When a secured creditor (typically a bank) appoints a receiver under a debenture, we step in to take control of charged assets, manage operations (if needed), recover debts, and report regularly to the appointing creditor.
Asset Realization & Distribution
We identify, secure, value, and sell company assets — whether through private sale, auction, or tender. Proceeds are distributed strictly in accordance with statutory priority (secured creditors, preferential creditors, unsecured creditors, shareholders).
Creditor Communication & Claims Processing
We notify all known creditors, publish required notices, receive and verify claims, and resolve disputes fairly. You will have full visibility into the process.
Final Accounts & Court Reporting
We prepare liquidator's statements of account, final distribution reports, and all required filings with the Corporate Affairs Commission (CAC) and the court — bringing the process to a clean, legal close.
Common Receivership & Liquidation Challenges We Solve
Directors Unsure of Their Duties
Directors of distressed companies often make mistakes — trading while insolvent, preferring certain creditors, or mismanaging assets. We advise directors on their legal obligations to avoid personal liability.
Creditor Disputes & Conflicts
Creditors may fight over priority or claim inflated debts. We verify all claims independently, apply statutory priority rules fairly, and resolve disputes transparently.
Asset Mismanagement or Concealment
Assets may be hidden, undervalued, or improperly transferred before insolvency. We investigate, trace, and recover assets — including voidable transactions and preferences.
Regulatory Non-Compliance
Improper winding up exposes directors and liquidators to penalties. We ensure every filing, notice, and procedure complies with CAMA 2020, FIRS tax clearance requirements, and court rules.
Delayed or Incomplete Distribution
Some liquidations drag on for years. We work efficiently to realize assets, settle claims, and distribute proceeds — closing the estate as quickly as the law allows.
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Other Services
Project Management Consulting
Feasibility Studies & Cashflow Projections
Training & Development
Secretarial Services
Market Research & Survey
Socio-economic Studies
FAQS
Frequently Asked Questions
Receivership is typically appointed by a secured creditor (e.g., a bank) to recover debt from specific charged assets. The company may continue operating other parts of its business. Liquidation (winding up) ends the company's existence entirely — assets are sold, creditors paid, and the company is dissolved.
Under CAMA 2020, a company may be liquidated when:
- Shareholders pass a resolution to wind up voluntarily
- The company cannot pay its debts as they fall due (insolvent)
- A court orders winding up (e.g., just and equitable ground)
- The company has not commenced business or has suspended business for a full year
It depends on the receiver's mandate. A receiver appointed over specific assets may allow the company to continue trading other parts of the business. A receiver appointed over the entire undertaking may manage operations temporarily to maximize asset value.
Timelines vary based on complexity:
- Simple voluntary liquidation (no disputes, few assets): 6–12 months
- Complex court liquidation (many creditors, disputes, asset tracing): 1–3 years
We provide realistic timelines at the outset and update creditors regularly.
Employees become preferential creditors under CAMA — they rank above unsecured creditors for unpaid wages, salaries, and certain benefits (subject to statutory limits). We ensure employee claims are verified and paid according to legal priority.