Section 52: Special Powers in Winding-Up Proceeding. (amended by Section 19 of the Asset Management Corporation of Nigeria Amendment Act, No. 2, 2019)

Where a debtor that is a body corporate fails to comply in full, within 30 days, with a written demand notice issued by the Corporation requiring the body corporate debtor to pay a liquidated sum to the Corporation which the Corporation certifies on the face of the demand notice as being owed by the body corporate debtor to the Corporation in connection with an eligible bank asset acquired by the Corporation, the Court shall, on the application of the Corporation made by way of originating motion, make a winding-up order against the body corporate debtor, except where, at the hearing of the application, the body corporate debtor proves to the satisfaction of the Court that it does not owe any liquidated sum at all to the Corporation or that it has a counter-claim, set-off or cross-demand which equals or exceeds the liquidated sum owed to the Corporation.