These appeal come from two ruling given by Egbo-Egbo J. on 28 January, 1991 and 19 June, 1991 respectively sitting at the Federal High Court, Lagos. In the first one, the learned trial Judge ruled on a motion to dismiss a petition to wind up the appellant company. The petition was brought by the respondent bank, a secured creditor, on the ground that the company was unable to pay its debt. The company contended that the petitioner lacked locus standi to present the petition because by virtue of section 2109a) of the Companies Act, 1968, the company having secured the debt, the petitioner cannot presents a winding-up petition. The learned trial Judge saw no merit in the argument and ruled against it.

The second ruling was on an application for stay of further proceedings so as to prevent the hearing of a motion to advertise the petition. The application failed as the learned trial Judge ordered that the petition be advertised once in the federal Government Gazette and in two national newspapers, The Punch and The daily Times. It is said that the advertisements have since taken place. The two appeals were consolidated and heard together.