High Court Establishes Insolvency Unit To Simplify Debt Recovery Process

High Court Establishes Insolvency Unit To Simplify Debt Recovery Process

The Chief Judge of the Federal High Court, Justice John Tsoho has created an ‘Insolvency Unit’ for the court, the court’s Chief Registrar, Sulaiman Hassan, has said.

In a statement, the court said the creation of this Unit is done under the provisions of the Companies and Allied Matters Act (CAMA) 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.

Hassan said, “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.

“The unit will also offer fast-track services required in the implementation of its mandate.

“It also offers Insolvency practitioners, a dedicated channel for supervisory and enforcement services.”

Hassan described the move as a milestone in the quest for modernisation and updating insolvency practice and proceedings in Nigeria.