Stakeholders have expressed support for a new bill that repeals and re-enacts the 37-year-old Bankruptcy and Insolvency Act.
The new bill Bankruptcy and Insolvency (repeal and re-enactment) bill, 2015 also provides for corporate and individual insolvency to provide for the rehabilitation of the insolvent debtor as well as create the Office of the Supervisor of Insolvency.
At a public hearing on the bill in Abuja, the Central Bank of Nigeria (CBN), Federal Mortgage Bank of Nigeria, Asset Management Corporation of Nigeria (AMCON), Federal Ministry of Finance, among others, were unanimous that the repeal and re-enactment of the current Act was long overdue, adding that most of its provisions were no longer realistic and sustai…
Read the full article at: https://businessdayonline.com/2016/03/stakeholders-applaud-repeal-of-37-yr-old-bankruptcyinsolvency-act/