T. O. ELIAS, C.J.N. (Delivering the Leading Judgment): This is an appeal from the judgment of George, J., Suit No. M/97/1969 delivered in the Lagos High Court on 10th August, 1970 and in which he dismissed the petition of the petitioners, herein appellants, for a winding-up order under the supervision of the court in accordance with the provision of the Companies Decree No. 51 of 1968. The petitioners' prayers read as follows:
"(i) That the Gresham Life Assurance Society (Nigeria) Limited be wound up under the supervision of the court in accordance with the provision of the Companies Decree No. 51 of 1968.
(ii) That Babatunde Olusola Benson be appointed liquidator.
(iii) That the policy holders under the existing Nigerian policies who wish to continue paying premiums to keep their contracts in force until maturity be allowed to do so, which is the procedure usually permitted in these circumstances.
(iv) That the said liquidator so appointed be empowered to receive premiums on the poli…