The Federal High Court of Nigeria has established an Insolvency Unit to modernise and update insolvency practices and proceedings in the country.
The unit was created by the court’s chief judge, Hon Justice John Terhemba Tsoho, as part of concerted efforts to ensure that the court meets the yearnings of all aspects of the country’s laws.
A statement by the court’s chief registrar, Mr Sulaiman Amida Hassan, yesterday explained that the Unit was created pursuant to the provisions of the Companies and Allied Matters Act, 2020, Assets, Management Corporation of Nigeria (AMCON) Act, 2019 (as amended), Nigeria Deposit Insurance Corporation (NDIC) Act, 2024, and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.
He said that the functions of the Insolvency Unit are to oversee the effective implementation of the provisions of the enactments as they relate to Company Voluntary Arrangements (CVA), administration, receivership, winding up, and various forms of company restructuring.
According to the statement, the unit was established in accordance with global best practices on Insolvency and will provide specialised and standardised services on Insolvency matters.
The unit will also offer Insolvency practitioners a dedicated channel for supervisory and enforcement services.
“This is a milestone in the quest for modernisation and updating Insolvency practice and proceedings in Nigeria.
“The Unit will also offer fast-track services required in the implementation of its mandate”, the statement said.
