Facts:

The 1st Respondent’s father, the late Okon Udo Utuk now substituted by the 1st Respondent commence the action in which he petitioned the court for the winding-up of Utuks Construction & Marketing Company Limited. While the petition was still pending in the trial court, some landed properties belonging to the company were sold off by an auctioneer appointed by Mercantile Bank of Nigeria Plc to the Appellant, in satisfaction of a Mortgage Deed executed between the company and the bank. The 2nd respondent, who was appointed as the provisional liquidator to take over and manage the properties of the company in the interest of creditors and contributors, upon becoming aware of the sale of the properties at a public auction, filed a motion on notice dated January 26, 1995, seeking an order to void the advertisement and sale of the properties. Four properties were sold in total.

On May 2, 1995, the learned trial judge validated the sale of these properties, except the property at No. 44 Brook Street, Uyo, which was set aside on the grounds that both Union Bank and Mercantile Bank had competing legal charges on the property. Aggrieved by the ruling of the trial court, the 1st Respondent appealed to the Court of Appeal, which delivered its judgment on March 17, 2009. The Court of Appeal allowed the appeal, set aside the ruling of the trial court, and voided the sale of the properties. The court ordered that the properties be vested in the custody of the liquidator, to be held in trust for the company’s members and creditors.

Further aggrieved by the decision of the Court of Appeal, the Appellant has now appealed to the Supreme Court.