Section 53: Application to the Federal High Court for winding up.

(1) Where the Commission makes an order revoking the registration of a capital market operator and requiring the business of that capital market operator to be wound up, the capital market operator shall, within fourteen days of the date of the order, apply to the Federal High Court for an order of winding up the affairs of that capital market operator and the Federal High Court shall hear the application in priority to all other matters.
(2) If the capital market operator fails to apply to the Federal High Court within the period specified in subsection (1) of this section the Commission may apply to the Federal High Court for the winding up of the capital market operator.
(3) The Commission, if satisfied that it is in the public interest to do so, may, without waiting for the period mentioned in subsection (1) of this section to elapse, appoint any person as the official receiver or provisional liquidator and the person so appointed shall have the power conferred by or under the Companies and Allied Matters Act 1990 and shall be deemed to have been appointed provisional liquidator by the Federal High Court for the purpose of that Act.
(4) This section shall have effect and section 408 of the Companies and Allied Matters Act 1990 shall be construed as if the cancellation of the registration of a capital market operator under this Act had been included as a ground for winding up by the Federal High Court under this section.
(5) The liquidator of a registered capital market operator shall forward to the Commission copies of any returns which he is required to make under the Companies and Allied Matters Act 1990.