Nigeria approves Insolvency Regulations for 2022

Nigeria approves Insolvency Regulations for 2022

The Federal Government of Nigeria has approved the Insolvency Regulations (IR) 2022.

This was disclosed on Sunday by the Corporate Affairs Commission (CAC) in a statement signed by its Head, Media Unit in Abuja, Mr Rasheed Mahe.

President Muhammadu Buhari had in August 2020, assented to the Companies and Allied Matters Bill 2020, which was passed by the country’s National Assembly. 

The new regulations which goes into effect immediately, fall under the Companies and Allied Act, CAMA 2020, said the Commission.

“The Commission hereby informs the general public that in exercise of the powers conferred by section 867 of the CAMA, 2020, the Honourable Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo (CON) has approved the Insolvency Regulations (IR) 2022″

According to the CAC, under the CAMA, regulation of insolvency proceedings includes: Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, Winding-up by the Court, Creditors’ Voluntary Winding-up, Arrangements and Compromise, Netting, and Dissolution of Incorporated Trustees.

“The IR shall not apply to the Rules of Court relating to insolvency applications made by the Chief Judge of Federal High Court or any Court designated by an Act of the National Assembly as being vested with jurisdiction to hear cases arising out of the CAMA.”

 

 

Author: Greg