Facts:

The petitioner Oceanic Bank International Nigeria Limited commenced a Winding Up proceeding against the respondent Sungold International Limited by filing a petition on 13th August 1996 wherein the petitioner stated that the respondent company had become insolvent and unable to pay its debts on 4th July 2000, the petitioner obtained leave of court to advertise the petition consequent upon which it was advertised in the Federal Republic of Nigeria Official Gazette, This Day Newspaper and the Independent Monitor.

The respondent on 21st June 2001, filed a 32 paragraph affidavit in opposition to the Winding Up and the petitioner replied to this affidavit, but due to the congested Cause List parties were directed to file and exchange written submissions.