Business South African firm asks court to wind up Bi-Courtney

South African firm asks court to wind up Bi-Courtney


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South African firm asks court to wind up Bi-Courtney





A South African firm Aurecon AMEI Limited and its Nigerian affiliate Aurecon Consulting Engineers Nigeria Limited have asked a Federal High Court in Lagos to wind up Bi-Courtney Highway Services Limited.

The firms alleged that Bi-Courtney was insolvent, having been indebted to them to the tune of $107,751.01 which it has been unable to pay since 2013.

The petitioners filed their prayers on July 1, 2020 in a suit marked FHC/LAG/CP/786/2020, through their lawyer Chris Ekemezie.

They said on October 31, 2011, Bi-Courtney engaged them as consultants for the provision of independent Traffic and Technical Advisory Services for the design, construction, operation and maintenance of the Lagos-Ibadan Toll Road Project.

They averred that they executed their side of the bargain by diligently performing their duties to the company, “however, the company has failed despite repeated demands to pay for the service. Neither has it taken steps to compromise its indebtedness …”

The firms stated that via a March 6, 2013 letter, Bi-Courtney “not only acknowledged its indebtedness …but also pledged to liquidate its indebtedness by making a monthly payment of $10,000 till the liquidation of the entire indebtedness…” but that it failed to honour the pledge.

The petitioners “have by their invoices Nos. 06 and 07 both dated May 31, 2012 made demands to the company to pay its indebtedness, a demand the company has neglected to comply with nor taken steps to compromise the indebtedness”.

They said they issued letters on “June 30, 2017, and May 12, 2020,” and sent “emissaries consisting of top ranking management team” to Bi-Courtney “and made a passionate plea to the company to pay back its debt” to no avail.

“The company is insolvent and unable to pay its debt. In the circumstances, it is just and equitable that the company be wound up.”

But in a July 20 affidavit filed by its Administrative Manager, Damilola Ajayi, Bi-Courtney denied the allegation and claimed that the suit was statute-barred.

Ajayi contended that the petition lacks merit because it is based on an alleged debt that is statute-barred, having been filed on July 1, 2020, six years outside the prescribed limitation time as required by section 8, 34(a) and 38 of the Limitation Law of Lagos State.

Bi-Courtney further averred that the petition was intended to undermine its financial integrity and operational viability.

The Judge adjourned till November 31.

(The Nation)

South African firm asks court to wind up Bi-Courtney
South African firm asks court to wind up Bi-Courtney
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