The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has approved the Insolvency Regulations (IR) 2022.
This is contained in a statement by the Head, Media Unit of the Corporate Affairs Commission (CAC), Mr Rasheed Mahe on Sunday in Abuja.
Rasheed Mahe explained that the approval was in line with the powers conferred on the Minister by Section 867 of the Companies and Allied Matters Act (CAMA) 2020.
According to him, the IR will henceforth control insolvency proceedings under CAMA.
The Head listed the proceedings as Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, Winding-up by the Court, and Creditors’ Voluntary Winding-up.
Others are Arrangements and Compromise, Netting, and Dissolution of Incorporated Trustees.
Mr Mahe however, emphasised that the IR would not apply to rules of the courts relating to insolvency applications made by the Chief Judge of the Federal High Court.
It also does not apply to a court designated by an Act of the National Assembly as being vested with jurisdiction to hear cases arising out of CAMA.
Radio Nigeria reports that insolvency is a situation in which an individual, or company cannot pay off bills and debts.