By Eunice Orike
Corporate Affairs Commission CAC, has announced that the Federal Government of Nigeria through the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has approved the Insolvency Regulations IR, 2022.
The Commission made this known in a statement signed by the head, media and public relations department of the commission Mr Rasheed Mahe in Abuja.
The Commission added that the new regulations fall under the Companies and Allied Act, CAMA 2020.
“The Commission hereby informs the general public that in exercise of the powers conferred by section 867 of the CAMA, 2020, the Honourable Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo CON, has approved the Insolvency Regulations IR, 2022″, the statement said.
The Commission added that the regulation of insolvency proceedings under the CAMA includes: Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, Winding-up by the Court, Creditors’ Voluntary Winding-up, Arrangements and Compromise, Netting, and Dissolution of Incorporated Trustees.
The IR shall not apply to the Rules of Court relating to insolvency applications made by the Chief Judge of Federal High Court or any Court designated by an Act of the National Assembly as being vested with jurisdiction to hear cases arising out of the CAMA.”
Adding that the Insolvency Regulations will go into effect immediately.