By Rukayat Moisemhe
Insolvency experts have called on banks and practitioners to align loan agreements and practices with the rescue provisions of the Companies and Allied Matters Act (CAMA) 2020.
Mr Albert Folorunsho, the Vice President, Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), made the call at BRIPAN annual conference gala night on Friday in Lagos.
Folorunsho noted that banks were still used to provisions under the old law that allowed appointment of receivers or receiver-managers to sell or manage distressed companies.
He, however, stated that CAMA 2020 introduced administration as a rescue mechanism.
Folorunsho stressed that banks must make adequate provisions in loan agreements to empower…