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CORPORATE INSOLVENCY LAW AND PRACTICE IN NIGERIA: A NEED FOR REFORM
Abstract:
Corporate insolvency is a critical aspect of any economy, influencing business stability, creditor protection, and economic growth. In Nigeria, the legal framework and practices governing corporate insolvency have evolved over the years. However, the current system faces significant challenges that impede its effectiveness and fairness. This abstract highlights the pressing need for reform in corporate insolvency law and practice in Nigeria.
The existing legal framework, primarily governed by the Companies and Allied Matters Act (CAMA) and the Bankruptcy Act, has several deficiencies. These include delays in the resolution process, lack of specialized insolvency courts, inadequate protection for creditors’ rights, and limited provisions for rescue and restructuring mechanisms. These shortcomings have far-reaching implications, such as decreased investor confidence, hindered economic growth, and diminished opportunities for distressed companies to recover and contribute positively to the economy.
This paper argues for comprehensive reform in the corporate insolvency landscape in Nigeria. Key areas of reform include the introduction of a modern insolvency law that aligns with international best practices, establishment of specialized insolvency courts, enhancement of creditor protection mechanisms, and the implementation of rescue and restructuring options, such as pre-packaged insolvency arrangements and debtor-in-possession financing.
By undertaking these reforms, Nigeria can foster a more robust and efficient corporate insolvency regime. Such changes would enhance the country’s attractiveness to investors, promote economic resilience, and ensure fair and equitable treatment of all stakeholders involved in insolvency proceedings.
In conclusion, this abstract underscores the urgency of reforming corporate insolvency law and practice in Nigeria. Addressing the deficiencies in the existing system is vital for the nation’s economic growth, investor confidence, and the fair treatment of all parties affected by insolvency. It is imperative that Nigeria adapts its corporate insolvency framework to meet the evolving needs of its dynamic business environment.
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