A firm, Marine Platforms Ltd, yesterday asked the Federal High Court in Lagos to wind up CNS Marine Nigeria Ltd following its failure to liquidate its $271,452.06 and N237,290,009 debt.
Marine Platforms told the court that CNS Marine is insolvent as evidenced by its alleged consistent attitude of non-payment and servicing of its debts.
The petitioner prayed the court to appoint liquidator(s) to supervise the winding up process and to pay it $271,452.06 and N237,290,009.00.
The petitioner said this was the final settlement due to it “with interests at 25 per cent per annum from August 8, 2019 until full payment and to pay other creditor(s) or creditors as may be entitled by their claim(s).”
Marine Platforms, which deals in oil, gas and vessel management, made the prayer in a petition against CNS Marine in suit FHC/L/CP/503/2020 filed by its counsel, Wale Adesokan, SAN.
The petitioner said the $271,452.06 and N237,290,009 debt arose following a contract for the provision of Work Class remotely operated Vehicle (WROV) and offshore construction support for CNS Marine, the respondent.
The contract, “which was signed on January 1, 2019 but took effect on January 30, 2019 and the Petitioner in actualization of the terms of contract deployed the contractual equipment, Remotely Operated Vehicles (ROVs) on February 6, 2019.
“The two…Remotely Operated Vehicles (ROV) deployed by the Petitioner were accepted by the Respondent as fit for the purpose of the Contract via the mobilisation acceptance form dated 20, 2019.”
The parties amended the contract to include the provision of experienced personnel to operate and maintain the ROVS and tools on a 12 or 24 hours basis, among other things.
The Respondent, it explained, agreed to pay the Petitioner for the services it rendered 30 days from the date of receipt of invoice, but it failed to do so, despite several demand notices.
Following a meeting on March 17, 2020, CNS Marine’s solicitor acknowledged its indebtedness, but “cited its persistent deteriorating financial conditions as being the reason for its inability to pay the Petitioner.
“The sum of $271,452.06 and N237,290,009.00 less of all taxes being the final settlement due to the Petitioner is not disputed by the Respondent.”
Describing the Respondent as insolvent, Marine Platforms Ltd said: “In the circumstances, it is just and equitable that the Respondent be wound up.”
Our error
In the third paragraph of our February 11, 2020 publication, titled ‘Wind up CNS Marine for $271k, N237m debt’, we referred to a firm, Marine Platforms Ltd, as a ‘judgment creditor’ and CNS Marine Nigeria Ltd as the respondent.
Marine Platforms Ltd is a petitioner, not judgment creditor, in the suit marked FHC/L/CP/503/2020.
The error is hereby retracted and the inconveniences are regretted.
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