Evans Medical Plc

By Akin Kuponiyi 

The winding up petition filed against a Pharmaceutical Company, Evans Medical Plc, by a financial services company, Financial Derivatives company Limited over the inability of the Pharmarcuetical  company’s  failure to pay a debt of N151 million has been adjourned till 28th of November, 2019,for hearing,

In an amended petition filed before the court by the law firm of Esijolomi Rewane Associates,the petitioner averred that, Evans Medical Plc was indebted to it in the sum of N151 million since 2017 being the outstanding balance made up of principal and accrued interests on the facilities granted the petitioner to Evans.

At the respondent’s respective request and upon its acceptance of the respective offers of the petitioner, the petitioner issued in favour of the respondent and for its benefit three commercial paper facilities in the total value of N120million.

Upon the maturity of the respective Commercial paper facilities, the respondent requested the petitioner /financial company to roll them over, which request was granted by the petitioner, whereof the maturity dates for the facilities were extended.

Despite the rolling over of the facilities and extension of their respective maturity dates the respondent failed  to meet its obligations by way of repayments under the respective commercial papers.

Despite repeated demands vide letters, telephone calls and personal visits to the respondent office by the petitioner, the respondent only paid N13.9 million.

Thereafter the respondent issued six post dated cheques in the total sum of N15million  with the first cheque due for payment on 22nd March, 2017. The cheque was presented twice for payment and was on the two occasions returned unpaid as a result of insufficient of funds in the respondent’s account.

Consequently, the petitioner contended that the respondent is insolvent and unable to pay its debt, in the circumstance it is just and equitable that Evans Medical be wound up by the court under the provisions of the Company and Allied Matters Act Cap. C20 Laws of the federation of Nigeria 2010