Liquidation is staring Brickwall Global Investment Limited in the face following an order by Justice Olayinka Faji of the Federal High in Lagos granting the winding up petition filed against the property investment company by five aggrieved customers (who are now being joined by three others).
The order which will be advertised, also restrained the company from dissipating its accounts until determination of the petition.
The court restrained the Directors, staffer, management, employees, officers, agents, privies, servants, or any persons from alienating, disposing of, dealing tampering, or interfering with the assets and properties of the Brickwall Global Investment Limited including tangible and intangible assets, movable and immovable assets.
The court also directed that any creditor of the Brickwall Global Investment Limited desirous of supporting or opposing the winding up of the company to appear at the time of hearing of the matter either in person or by their counsel and adjourned hearing till October 12, 2021.
The aggrieved customers had approached the Court over the failure of Brickwall Global Investment Limited to provide them land after 5 years of making payments.
Opposing the petition, Brickwall Global Investment limited urged the court to dismiss the application adding that it is not indebted to the Petitioners.
The respondent stated that it has always been willing to deliver the land subject matter of the Petition to the Petitioners but the petitioners have failed to take possession.
However, the court agreed with the petitioners that the company is insolvent and is unable to meets up it’s obligations with its creditors and found that the respondent failed to demonstrate that it is able to meet up its obligations as provided in the Company and Allied Matters.
Meanwhile, the Lagos State Estate Regulatory Authority has directed the State Criminal Investigation Department, Panti, Yana, Lagos State to investigate the complicity or otherwise of the company, its directors and senior officials on the allegation of using the company to defraud residents after several complaints to the Lagos State Government through their office.