CAC introduces new insolvency regulations, set to implement CAMA

Posted by News Express | 29 April 2022 | 709 times

By ABUBAKAR YUSUF

The Corporate Affairs Commission (CAC) has introduced new regulations known as “Insolvency Regulations 2022” which takes immediate effect.

The memo stated that under the new Insolvency Regulations, the commission would henceforth carry out its activities in accordance with CAMA.

The announcement is contained in a memo issued by the head media of CAC, Rasheed Mahe, which explained that the new regulations were introduce in line with section 867 of the Companies and Allied Matters CAMA 2020.

According to the Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, the Insolvency Regulations 2022 contains eight different sub headings and provisions.

These include Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, and Winding-up by the Court.

Others are Creditors’ Voluntary Winding-up, Arrangements and Compromise, Netting, as well as Dissolution of the Incorporated Trustees.

The commission however notes that the new Insolvency Regulations shall not apply to the rules of the Court relating to insolvency applications made both by the Chief Judge, Federal High Court or any other court designated by an Act of the National Assembly with the provision of CAMA vested with the jurisdiction on them to hear cases arising from the new order.

Source: News Express