The Companies and Allied Matters Act (CAMA) 2020 permits electronic share transfers and private companies can hold their virtual general meetings, the Head of Legal, Compliance & Governance of Advans Lafayette Microfinance Bank Limited, Jennifer Halim-Ubahakwe has said.
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She said the new CAMA is Nigeria’s most significant business legislation in three decades and it introduces new provisions that promote ease of doing business and reduces regulatory hurdles.
Explaining the revision of CAMA on Micro Small and Medium Enterprises (MSMEs) in Nigeria, Halim-Ubahakwe, a lawyer whose repertoire spans the practice of Corporate Commercial Law, Corporate Governance and Commercial Dispute Resolution, said small business owners are the biggest beneficiaries of the CAMA 2020.
Speaking on the impact of the Reduction of Filing Fees for Registration of Charges for those aspiring to register their businesses in Nigeria, she states that this provision introduces a significant reduction in the fees payable for the registration of charges.
It is a good incentive for potential and established businesses in Nigeria especially for those in the lending market as it saves cost and allows for ease of doing business.
Prior to the repeal of CAMA, 2004, the fees for filing and registration of charges as applicable to private and public companies were N10,000 on every N1,000,000 (1 per cent) and N20,000 on every N1million (two per cent).
By Section 222 (12) of the new CAMA, 2020, the fees payable to the Commission with respect to the filing, registration or release of a charge with the Commission shall not exceed 0.35 per cent of the value of the charge or such other amount as the Minister may specify in the Federal Government Gazette.
Under the new CAMA, The Business Rescue makes provisions to protect MSMEs from being declared bankrupt. The Act introduces a framework for rescuing a company in distress and to keep it alive which gives some assurance and comfort to founders and investors as against allowing such entity to become insolvent. SMEs can leverage on the Company Voluntary Arrangement and the Administration provisions of the new Act.
Under Company Voluntary Arrangement, the directors may propose to its creditors for a negotiated arrangement towards the satisfaction of its debt or a scheme of arrangement of its affairs to prevent the company from being wound up.
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