Facts:

The United Bank for Africa (the Respondent) commenced action by way of petition against Ponti Fisiani Limited (the Appellant) seeking an order of court to wind up the Appellant on the grounds that it has advanced credit facilities to the Appellant, totaling N75,837,738.00 which the Appellant accepted and has since refuse to pay off its debt to the Respondent.

The Appellant did not file any defence by way of counter affidavit in opposition but contested the case on point of law, via a written address filed and adopted at the lower court. The trial court entered judgment in favour of the Respondent and order that the Appellant be wound up in satisfaction of the outstanding debt.

Dissatisfied with the decision of the trial court, the Appellant appealed to the Court of Appeal.