The Chief Judge of the Federal High Court (FHC), Justice John Tsoho, has introduced an Insolvency Unit to enhance efficiency in handling insolvency-related matters.
Chief Registrar of the FHC, Sulaiman Hassan, announced this in a statement on Sunday night in Abuja.
According to Hassan, the establishment of the unit aligns with 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.
“The Insolvency Unit is tasked with overseeing the effective implementation of these laws, particularly in matters concerning Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up, and corporate restructuring,” he stated.
Hassan explained that the unit was set up in accordance with global best practices, aiming to provide specialized and standardized services in insolvency matters.
“It also offers insolvency practitioners a dedicated channel for supervisory and enforcement services,” he added.
He described the move as a significant step toward modernizing and streamlining insolvency procedures in Nigeria, emphasizing that the unit would help fast-track services essential for its operations.
(NAN)