The Corporate Affairs Commission(CAC) has announced that the Insolvency Regulations, 2022 will take effect immediately in exercise of the powers conferred by Section 867 of the Companies and Allied Matters Act (CAMA) 2020.

The Commission made this known in a public notice titled insolvency regulations 2022.

Read full notice below

Insolvency Regulations 2022
The Commission hereby informs the general public that in the exercise of the powers conferred on him by Section 867 of the Companies and Allied Matters Act (CAMA) 2020, the Honourable Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo (CON) has approved the Insolvency Regulations (IR) 2022.

The IR shall henceforth regulate insolvency proceedings under the CAMA, including the following:

Company Voluntary Arrangements
Administration of Companies
Receivership/Managership
Winding-up by the Court
Creditors’ Voluntary Winding-up
Arrangements and Compromise
Netting
Dissolution of Incorporated Trustees
The IR shall not apply to the Rules of Court relating to Insolvency applications made by the Chief Judge of the Federal High Court or any Court designated by an Act of the National Assembly as being vested with jurisdiction to hear cases arising out of the CAMA.

The IR comes into effect immediately.

For more information and resources, kindly visit our website: http://www.cac.gov.ng