Abstract
This paper is aimed at a comparative analysis of company winding up procedure in Nigeria
and India’. Numerous scholarly works exist that describe the steps involved in winding up a
company in Nigeria. However, none of them have compared Nigeria system with that of other
jurisdictions to examine the strength of our winding up framework. This research is important
in placing Nigeria’s winding up framework with that of India in order to test, strengthen and
advance the potency of the Nigerian system. The method of a corporation winding up in
Nigeria and India, the similarities and dissimilarities in winding up in Nigeria and in India
was examined. And most importantly the lesson Nigeria can learn from the Indian system. To
achieve this the paper adopts a doctrinal based research method, examining several statutes,
articles and academic contributions on company winding up in both jurisdictions. It was found
that the Nigerian and Indian system have a lot of similarities due to their British origin,
regardless, India has advanced their system towards a more sophisticated winding up regime.
It also found that while Nigeria has also made efforts to advance company winding up
framework, it still lags behind in satisfying the growing commercial needs in the Country. The
study suggests that Nigeria implement a quasi-tribunal system to resolve business conflicts,
including winding up petitions, the establishment of a small business summary winding up
procedure, and the setting of deadlines for resolving insolvency issues.