Allianz Energy And Oilfield Support Limited Sued For Alleged N62m Debt
A maritime services company, PIER DREDGING and MARINE TECHNOLOGIES Limited, has filed a winding-up petition before a Federal High Court in Lagos, seeking an order of the court to compulsorily dissolve ALLIANZ ENERGY and OILFIELD SUPPORT LIMITED over its alleged inability to pay a debt exceeding M62 million.
In the petition filed by its counsel, Barrister Fidel Albert, the petitioner is invoking Section 572 of the Companies and Allied Matters Act (CAMA) 2020, alleging that Allianz Energy and Oilfield Support Limited is insolvent and unable to meet its financial obligations as they fall due.
According to the petition, the dispute stems from a Lease Agreement dated January 16, 2023, under which Allianz Energy and Oilfield Support Limited Company leased 50 units of floating hoses and dredging pipes from Pier Dredging for a dredging project in Opobo, Rivers State.
The lease, initially agreed for three months at a monthly rental fee of N10 million, included clauses for penalty charges in the event of default.
Despite multiple extensions granted by Pier Dredging and Marine Technology Limited Company and various promises by Allianz Energy and Oilfield Support Company to settle its obligations, the respondent allegedly failed to pay agreed sums or return the leased equipment as stipulated in the contract.
The petitioner detailed a series of part payments and broken promises that spanned from April 2023 to April 2024.
Despite receiving several invoices, reminders, and a statutory demand notice served on May 13, 2024, Allianz Energy allegedly failed to respond or make full payment.
By March 2024, the outstanding debt had reportedly risen to over N92 million.
Partial payments totalling N30 million were made in April 2024, leaving a balance of N62.1 million.
The Solicitor to the Petitioner Mr.Fidel Albert ,reach out to the respondent’s Managing Director on phone and encourage the respondent to settle the indebtedness amicably,and the said Managing Director promised to do so shortly
However the respondent failed in its commitment to settle it’s lingering debt to the petitioner.
Pier Dredging and Marine Technology stated further that the continued failure of Allianz Energy to meet its debt obligations, return the leased pipes, or propose a settlement plan is sufficient proof of insolvency.
It is therefore asking the court to wind up the company and make any other orders it deems just and equitable.
About The Author
