Facts
On 27 September 1985, Union Bank of Nigeria Ltd. obtained a sequestration on the assets of Charles Godwill Atohoun held by the Swiss Bank Corporation (SBS). On 18 September 1987, L'Aiglon S.A. obtained a sequestration on the same assets. On 9 May 1988, the final seizure was carried out in favor of L'Aiglon S.A.
On 22 November 1988, the Debt Collection Office decided to have Union Bank of Nigeria Ltd.'s debt collection participate in the seizure carried out in the context of L'Aiglon S.A.'s debt collection. L'Aiglon S.A. filed a complaint against this decision, which was rejected by the Supervisory Authority.
Considerations
The Federal Court upheld the decision of the Supervisory Authority. According to Article 281 of the Federal Act on Debt Collection and Bankruptcy (LP), when the sequestered objects are seized by another creditor before the sequestrator can request the seizure, the latter participates by right in the seizure on a provisional basis. It is not necessary for the sequestering creditor to request this participation himself, he only needs to request the final seizure within ten days of the final release judgment or an enforceable judgment.
In this case, Union Bank of Nigeria acted within this ten-day period, in accordance with the case law and the circular of the Chamber of Debt Collection and Bankruptcy. Although the Debt Collection Office…