Chief Judge of Federal High Court Hon. Justice Tsoho Creates Insolvency Unit in the Court
By Onyewuchi Ojinnaka
The Honourable Chief Judge of the Federal High Court, Hon. Justice John Terhemba Tsoho OFR, KSS, FCIArb (Uk) has created a new unit for the Court. It is called ‘Insolvency Unit’ .
The creation of this Unit is done pursuant to the provisions of the Companies and Allied Matters Act, 2020, Assets Management Corporation of Nigeria (AMCON) Act, 2019 (as amended), Nigeria Deposit Insurance Corporation (NDIC) Act, 2024, and the Bankruptcy Act, Laws of the Federation of Nigeria, 2010.
According to the statement signed by the Chief Registrar of the Federal High Court of Nigeria, Sulaiman Amida Hassan Esq., the functions of the Insolvency Unit are to oversee the effective implementation of the provisions of the above enactments as it relates to Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up and various forms of restructuring of companies.
He stated that the unit is created in line with global best practices on Insolvency and to also provide specialized and standardized services on Insolvency matters.
“It also offers Insolvency practitioners, a dedicated channel for supervisory and enforcement services.
“This is a milestone in the quest for modernization and updating Insolvency practice and proceedings in Nigeria.
“The Unit will also offer fast-track services required in the implementation of its mandate”, the Chief Registrar emphasized.
