Section 479

(1) This section applies to a company in administration.

(2) Where a company is administration, no-

(a) resolution shall be passed for the winding-up of the company; and

(b) order shall be made for the winding-up of the company.

(3) Subsection (2) (b) does not apply to an order made on a petition presented under-

(a) grounds of public interest as may be prescribed from time to time by the Chief Judge or under any enactment; or

(b) special banking and financial provisions of the Banks and Other Financial Institutions Act, the Nigerian Deposit Insurance Corporation Act, or any other financial services and markets related Acts.

(4) If a petition presented under a provision referred to in subsection (3) comes to the attention of the administrator, he shall apply to the Court for directions under section 500.