After much turbulence, HITV is up for sale

In the instance of failure or inability of a company to discharge its outstanding indebtedness ,the provisions of section 6 [6] of the Federal Republic of Nigeria, 1999 and section 391 section 393 [ 1], [2], [3] and [4] of the Company  and Allied Matters, ACT  empowers  the creditor  to appoint  a receiver/manager to take […]

In the instance of failure or inability of a company to discharge its outstanding indebtedness ,the provisions of section 6 [6] of the Federal Republic of Nigeria, 1999 and section 391 section 393 [ 1], [2], [3] and [4] of the Company  and Allied Matters, ACT  empowers  the creditor  to appoint  a receiver/manager to take such steps as may be necessary to realize the debt owed  it.

To this end, the receiver/manager  has directed  all debtors of HI MEDIA to pay all monies due to it to the  appointed receiver /manager directly.  Equally, it has directed that all deposits, cash and other accounts of HI MEDIA currently held by banks and other financial institutions in Nigeria be frozen until further instructions.

According to the receiver/manager, Chief   Aribisala, the enrolled order was made in the proceedings presided over by the Honourable  Justice S. J. Adah,  sitting at the Federal High Court, Lagos on Friday, 11th of November, 2011.