Says It Shall Take Effect Immediately
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The Minister of Industry, Trade and Investment has approved publication of the Insolvency Regulations (IR) 2022. This development is contained in a public notice issued by the management of the Corporate Affairs Commission which was made available to TheNigeriaLawyer.
According to the notice, the Regulations were issued pursuant to Section 867 of the Companies and Allied Matters Act (CAMA) which confers the power to issue such regulations on the Honourable Minister of Industry, Trade and Investment.
Click To Download INSOLVENCY-REGULATIONS-Exposure
The Regulations which are to take immediate effect shall govern and regulate insolvency proceedings under CAMA, including:
1. Company Voluntary Arrangements
2. Administration of Companies
3. Receivership/Managership
4. Winding-up by the Court
5. Creditors’ Voluntary Winding-up
6. Arrangements and Compromise
7. Netting
8. Dissolution of Incorporated Trustees
The Notice also states that the Regulations shall take effect immediately and that “the IR shall not apply to the Rules of Court relating to Insolvency applications made by the Chief Judge of the 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.”
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