The Corporate Affairs Commission (CAC), announced that the Federal Government of Nigeria through the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has approved the Insolvency Regulations (IR) 2022.

The Commission disclosed this in a statement on Sunday signed by Mr Rasheed Mahe CAC’s Head, Media Unit in Abuja.

The Commission added that the new regulations fall under the Companies and Allied Act, CAMA 2020.

According to the statement, “The Commission hereby informs the general public that in exercise of the powers conferred by section 867 of the CAMA, 2020, the Honourable Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo (CON) has approved the Insolvency Regulations (IR) 2022″

The Commission added that the regulation of insolvency proceedings under the CAMA includes: Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, Winding-up by the Court, Creditors’ Voluntary Winding-up, Arrangements and Compromise, Netting, and Dissolution of Incorporated Trustees.

“The IR shall not apply to the Rules of Court relating to insolvency applications made by the Chief Judge of 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.”

It added that the Insolvency Regulations go into effect immediately.

Recall in August 2020 that President Muhammadu Buhari assented to the Companies and Allied Matters Bill 2020, which was passed by the National Assembly.

The Corporate Affairs Commission (CAC) announced the commencement of the implementation of the Companies and Allied Matters Act, 2020 (CAMA 2020) last year adding that it has introduced a self-service portal.

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