The Chief Judge of the Federal High Court, John Tsoho, has announced the establishment of an Insolvency Unit to enhance the efficiency and effectiveness of the court’s services.
The Chief Registrar of the court, Sulaiman Hassan, disclosed this in a statement issued on Sunday night in Abuja.
According to Hassan, the creation of the unit is in accordance 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 the provisions of these enactments, including Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up, and various forms of corporate restructuring,” Hassan stated.
He added that the establishment of the unit aligns with global best practices in insolvency and aims to deliver specialized and standardized services in the field.
“This initiative provides insolvency practitioners with a dedicated platform for supervisory and enforcement services while also fast-tracking the resolution of insolvency matters,” Hassan said.
Describing the creation of the unit as a significant milestone in modernizing insolvency practices and proceedings in Nigeria, he emphasized that it marks a step forward in strengthening the legal framework for corporate restructuring and financial management.
The new unit is expected to play a pivotal role in ensuring the swift and effective resolution of insolvency cases, benefiting businesses and the overall economy.
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