Insolvency

By Taiye Agbaje

The Chief Judge (CJ) of the Federal High Court (FHC), Justice John Tsoho, has created an Insolvency Unit for the court to ensure efficient service delivery.

The Chief Registrar of FHC, Sulaiman Hassan, made this known in a statement on Sunday night in Abuja.

Hassan said the creation of the unit was done pursuant to the provisions of the Companies and Allied Matters Act (CAMA), 2020, and Assets, Management Corporation of Nigeria (AMCON) Act, 2019 (as amended).

He said the creation was also in line with the Nigeria Deposit Insurance Corporation (NDIC) Act, 2024, and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.

“The functions of the Insolvency Unit are to oversee the effective implementation of the provisions of the above enactments as it relates to Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up and various forms of restructuring of companies.

“The unit is created in line with global best practices on Insolvency and to also provide specialised and standardised services on insolvency matters.

“It also offers insolvency practitioners, a dedicated channel for supervisory and enforcement services,” he said.

According to him, this is a milestone in the quest for modernisation and updating insolvency practice and proceedings in Nigeria.

He said the unit would also offer fast-track services required in the implementation of its mandate.(NAN)