The Honourable Chief Judge of the Federal High Court, Hon. Justice John Terhemba Tsoho OFR, KSS, FCIArb (Uk) has created an ‘Insolvency Unit’ for the Court.
The creation of this Unit is done 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.
This contained in a statement by the Chief Registrar Sulaiman Amida Hassan, Esq on Sunday night.
The functions of the Insolvency Unit are to oversee the effective implementation of the provisions of the above enactments as it relates to Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up and various forms of restructuring of companies.
The unit is created in line with global best practices on Insolvency and to also provide specialized and standardized services on Insolvency matters.
It also offers Insolvency practitioners, a dedicated channel for supervisory and enforcement services.
This is a milestone in the quest for modernization and updating Insolvency practice and proceedings in Nigeria.
The Unit will also offer fast-track services required in the implementation of its mandate.