New Insolvency Regulations 2022 Approved; Takes Immediate Effect [Download]

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Corporate Affairs Commission

In the exercise of the powers conferred on him by Section 867 of the Companies and Allied Matters Act (CAMA) 2020, the Minister of Industry, Trade and Investment Otunba Richard Adeniyi  Adebayo has approved the Insolvency Regulations (IR) 2022 to govern: 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

According to a public notice issued by the Corporate Affairs Commission  (CAC), the new  Regulations shall not apply to the Rules of Court relating to Insolvency applications made by the Chief Judge of the 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.”

The CAC has earlier published a draft of the regulations for review by the general public

A copy of the newly approved Insolvency Regulations can be downloaded below:

INSOLVENCY-REGULATIONS-Exposure-Draft

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