As countries worldwide continue to explore various legal methods of restoring and resurrecting insolvent businesses, the Nigerian government has recognized the relevance of this action and is working towards providing business-friendly solutions to these businesses.

Introduced in 2020, the Companies and Allied Matters Act 2020 targets insolvent businesses, parallel to Chapter 11 of the United State Bankruptcy Code and the United Kingdom’s Administration under the Insolvency Act.

This newsletter details how the CAMA 2020 promotes the survival and development of businesses against the tide of the high rate of insolvency.