Procedures for Bankruptcy and Liquidation in Nigeria

Learning ObjectivesHaving read this chapter, the readers are expected to be able to: 1. Determine the key laws in Nigeria, which regulate insolvency (CAMA 2020, BOFIA, Investments and Securities Act, Bankruptcy Act).2. Describe the legal provisions in the Nigerian insolvency and liquidation process.3. Know the role and responsibilities of the following institutions: CAC, CBN, SEC, FRCN and courts.4. Explain the position of creditors, debtors, employees and shareholders in insolvency rules in Nigeria.5. Examine the changes that CAMA 2020 provides administration, business rescue, and regulation of insolvency practitioners.6. Describe the attachment of insolvency practitioners and accreditation standards.7. Review the enforcement and weakness of the Nigerian insolvency laws.