CAC Urges Insolvency Practitioners to Apply CAMA 2020 Tools in Nigeria
What happened
The Corporate Affairs Commission (CAC) urged members of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to translate the provisions of the Companies and Allied Matters Act (CAMA) 2020 into measurable outcomes. Hussaini Ishaq Magaji, the CAC’s Registrar General, stated that the insolvency tools include rescue, restructuring, administration, receivership, liquidation, investigation, and the reversal of improper pre-insolvency transactions. He noted that a modern insolvency system must facilitate early intervention, protect employment, and maximize returns to creditors.
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Why it matters
The keynote address outlined the philosophy for a modern insolvency architecture in Nigeria. The collective task is to use these tools to achieve more viable businesses rescued, better recoveries for creditors, and increased confidence in the Nigerian economy.
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Who's involved
- NigeriaSovereign state where the insolvency architecture is being discussed and applied.
- Corporate Affairs CommissionGovernment agency responsible for the corporate affairs and urging the application of the insolvency framework.
- Hussaini Ishaq MagajiChief Executive Officer of the Corporate Affairs Commission and keynote speaker.
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The entities involved
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Nigeria
sovereign state in West Africa
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Corporate Affairs Commission
Nigerian government body
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