The Federal High Court, under the leadership of Chief Judge Justice John Tsoho, has established an Insolvency Unit to improve efficiency in handling insolvency-related matters.
In a statement released on Sunday night, the court’s Chief Registrar, Sulaiman Hassan, stated that the unit was created in compliance with 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 of the Federation, 2010.
The newly formed unit is tasked with overseeing company voluntary arrangements, administration, receivership, liquidation, and corporate restructuring.
It is designed to align with international best practices, offering specialized services and a structured framework for insolvency practitioners to access supervisory and enforcement mechanisms.
According to the statement, the establishment of the unit represents a major advancement in modernizing insolvency procedures in Nigeria.
It will also introduce fast-track services to ensure more effective implementation of its responsibilities.
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