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.
Vice President, Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Albert Folorunsho, made this call at BRIPAN’s annual conference gala night yesterday in Lagos. The event brought together players from the financial sector, tax advisors, lawyers and judges, amongst a host of others.
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…