UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the Federal High Court sitting in Lagos delivered on the 9th day of November, 2005 by Hon. Justice Abdulahi Mustapha.
The Respondent herein as Petitioner filed a winding up Petition against the Appellant as 1st Respondent and two others who are not parties to this appeal in the Federal High Court sitting at Lagos. In the Petition, the Respondent sought the following orders:-
a. MC Investments may be wound up by the Court under the provisions of the Companies and Allied Matters Act, 1990.
b. The second and third Respondents shall be personally responsible without any limitation of liability, for all the debts and other liabilities of the Company; and
c. Such other orders may be made in the premises as shall be just and equitable.
It is the case of the Respondent that on the 12th of November, 1992 he placed with the Appellant the sum of N1,000, 000.00 (One Million Naira only) for a 360 …