Justice John Tsoho, Chief Judge of the Federal High Court (FHC), has established an Insolvency Unit to enhance efficiency and improve service delivery within the court.
Sulaiman Hassan, the Chief Registrar of the Federal High Court (FHC), announced the establishment of an Insolvency Unit in a statement issued on Sunday night in Abuja.
According to Hassan, the unit was created by the provisions of the Companies and Allied Matters Act (CAMA) 2020, the amended Assets Management Corporation of Nigeria (AMCON) Act 2019, the Nigeria Deposit Insurance Corporation (NDIC) Act 2024, and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.
He stated that the primary role of the Insolvency Unit is to ensure the effective implementation of these laws, particularly as they relate to company voluntary arrangements and insolvency proceedings.
He added that the unit provides insolvency practitioners with a dedicated channel for supervisory and enforcement services.
Describing its establishment as a significant milestone in modernizing and updating insolvency practice in Nigeria, Hassan emphasized that the unit would also offer fast-track services to enhance the implementation of its mandate.
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