HIGH COURT UNVEILS INSOLVENCY UNIT TO STREAMLINE DEBT RECOVERY
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The Chief Judge of the Federal High Court, Justice John Tsoho, has established an Insolvency Unit within the court to enhance the administration of insolvency-related matters in Nigeria.
This was disclosed in a statement issued on Sunday in Abuja by the Chief Registrar of the Federal High Court, Sulaiman Hassan.
According to the statement, the new unit was created in line with the provisions of the Companies and Allied Matters Act, 2020; the Asset Management Corporation of Nigeria Act, 2019 (as amended); the Nigeria Deposit Insurance Corporation Act, 2024; and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.
The Insolvency Unit will oversee the implementation of these laws, particularly in areas such as Company Voluntary Arrangements, Administration, Receivership, Winding Up, and various forms of corporate restructuring.
The statement read, “The Unit has been established in line with global best practices on insolvency and is designed to provide specialised and standardised services on insolvency matters.
“It also offers insolvency practitioners a dedicated channel for supervisory and enforcement services,” it added.
The Chief Registrar noted that the creation of the unit marks a major step in modernising Nigeria’s insolvency framework, ensuring efficiency and transparency in corporate restructuring and debt recovery processes.
The unit is also expected to provide fast-track services essential for the seamless execution of its mandate.
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