RHODES-VIVOUR JCA (Delivering the Lead Judgment): This is an interlocutory appeal against the decision of Aliyu J. sitting in the Lagos Judicial Division of the Federal High Court. The appellants were employees of a limited liability company named Pressed Metal Works Company Limited.
Pursuant to a deed of debenture, the two respondents were appointed joint receivers/managers of the company by its creditors, Liberty Merchant Bank Plc. and Guarantee Trust Bank Plc. The appointment was for one year and it commenced on 27 September 1999 and in respect of the undertaking the property and assets of the company under the powers contained in the debentures. The respondents (the receivers/managers) requested the appellants to continue to manage the company between 15 December 1999 and 17 March 2000.
Supplementary agreement A and B attests to that fact. The respondents refused to settle the appellants’ salary arrears, entitlements in accordance with the terms and conditions of the appellants’ …