STARPOINT Commodities Limited has filed a winding-up petition against Leaders and Company Limited, publishers of ThisDay newspapers at a Federal High Court in Lagos.

The order was brought before the court over alleged refusal of the newspaper outfit to liquidate its indebtedness to the tune of N91 million.

In the court papers filed on behalf of Starpoint by its counsel, Felix Fagbohungbe (SAN), the petitioner, Starpoint Limited, averred that the respondent (Leaders and Company Limited) was insolvent and unable to pay its debts.

It was further alleged by the petitioner that the respondent failed to pay for the newsprint materials supplied to it.

The petitioner disclosed that, for many years, the respondent had been purchasing several printing papers and products, including newsprint required for the production of its ThisDay newspaper and other magazines from it.

It added that the respondent usually made periodic instalmental payments for the newsprint supplied to it, adding that since June, 2009, the publishers of ThisDay newspapers had failed to effect further payments required to fully liquidate the newsprint supplied to it.

The petitioner noted that in October 2009, the respondent issued a N25 million cheque in an attempt to partially liquidate its aforesaid indebtedness, but the cheque was dishonoured and returned unpaid.

The petitioner explained that it had requested for the payment of the debts on several occasions but all to no avail.

It added that the refusal of the respondent to pay the debt has caused it serious financial hardship, stressing that the development had also dwindled and deprived it of working capital.

The petitioner further stressed that its business had been adversely affected as it could not supply goods to its customers, thereby loosing goodwill from other customers.

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