An Insolvency Unit has been created at the Federal High Court (FHC) pursuant to the provisions of the Companies and Allied Matters Act (CAMA), 2020, and the Assets Management Corporation of Nigeria (AMCON) Act, 2019 (as amended).
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The creation of the Insolvency Unit is also in line with the Nigeria Deposit Insurance Corporation (NDIC) Act, 2024, and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.
The Chief Registrar of the FHC, Sulaiman Hassan, made this known in a statement on Sunday night in Abuja.
According to the statement, the Chief Judge (CJ) of the Federal High Court, Justice John Tsoho, established the unit to ensure efficient service delivery.
“The functions of the Insolvency Unit are to oversee the effective implementation of the provisions of the above enactments as they relate to Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up, and various forms of restructuring of companies.
“The unit has been created in line with global best practices on Insolvency and aims to provide specialized and standardized 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 to modernize and update insolvency practices and proceedings in Nigeria.
He added that the unit would also offer fast-track services required in the implementation of its mandate.
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