The Chief Judge (CJ) of the Federal High Court (FHC), Justice John Tsoho, has established an Insolvency Unit to ensure efficient service delivery.
The Chief Registrar of FHC, Sulaiman Hassan, shared this development in a statement in Abuja, Nigeria’s capital.
The unit’s creation follows the provisions of the Companies and Allied Matters Act (CAMA), 2020; the Assets Management Corporation of Nigeria (AMCON) Act, 2019 (as amended); the Nigeria Deposit Insurance Corporation (NDIC) Act, 2024; and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.
Hassan explained that the unit’s functions include overseeing the effective implementation of the relevant provisions related to Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up, and company restructuring.
Accordingo the statement, “The unit aligns with global best practices in insolvency and aims to provide specialized, standardized services in this area.
“It will also offer insolvency practitioners a dedicated channel for supervisory and enforcement services.”
This move marks a significant milestone in modernizing and updating insolvency practices in Nigeria, with the unit offering fast-track services to ensure the efficient implementation of its mandate.
Comments are closed.