cac is the abbreviation of corporate affairs commission,the corporate affairs commission is a federal government agency charged with the function of governing the pre and post incorporation affairs of companies and businesses.
The governing law of the commission is the companies and allied matters Act 2020(CAMA)
The corporate affairs commission shall regulate and supervise the formation incorporation,registration management,and winding up of companies under the Act.
The corporate affairs commission shall establish and maintain a companies registry and offices in all the states of the federation.
The corporate affairs commission shall arrange or conduct an investigation into the affairs of any company where the interests of share holders and the public demands.
The corporate affairs commission shall perform such other functions as may be specified by any Act.
The commission has offices in the state capitals of each state of the federation,with two offices in lagos state,serving lagos mainland and lagos island respectively.
The headquarter of corporate affairs commission (cac) is located at Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street,Maitama Abuja.
The corporate affairs commission accredits professionals such as legal practitioners,chartered secretaries,chartered accountants to work as the direct accredited agents of cac,the commission has most of their accredited agents in lagos and abuja. the cac accredited agents has a portal which has enhanced functionalities to aid the registration of businesses ,companies,clubs,associations and other non governmental organisations,the accredited agents utilize their portals to aid the public in complying with post incorporation matters for their businesses ,associations and companies.
The benefit of using the portal of cac accredited agent is that the owner of the portal, will not be automatically be made a director or proprietor during the registration of companies.
The commission oversees the birth and winding up of companies in Nigeria. the birth and closure of a companies begins with cac in most cases.
winding up of companies in Nigeria can be effected by court, by voluntarily decision of the directors and shareholders, and by the supervision of the court.
CIRCUMSTANCES A COMPANY CAN BE WOUND UP BY COURT.
A company can be wound up by the court in the following circumstances
i. Where the company by special resolution resolved that the company be wound up by order of court
ii. Default in making statutory report to the commission or holding statutory meetings.
iii. Where the company is unable to pay her debts
iv. Where the court believes it is just and equitable to wind the company up.
Winding up of a company brings to an end the corporate status,legal status and existence of a company.