Federal High Court Creates Insolvency Unit

The Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, has created an Insolvency Unit for the Court.

This is contained in a statement issued by the Chief Registrar of the Federal High Court of Nigeria
Suleiman Hassan.

According to the statement, creation of the unit is done in pursuant to the provisions of the Companies and Allied Matters Act, 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.

It statescthat 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 statement explains that the unit is created in line with global best practices on Insolvency and to also provide specialized and standardized services on Insolvency matters.

It, however, stresses that the unit offers insolvency practitioners, a dedicated channel for supervisory and enforcement services.

According to the statement the unit is a milestone in the quest for modernization and updating Insolvency practice and proceedings in Nigeria.

The statement adds that the Unit will also fast-track services required in the implementation of its mandate.

PR/Garry Ochigbo