The Corporate Affairs Commission, CAC, has introduced new regulations in its activities known as “Insolvency Regulations 2022” with immediate effect.
In a memo issued by the Garba Abubakar-led management of the CAC and released by the head media, Rasheed Mahe, the Commission said the new regulations was in line with the powers conferred on him (Abubakar) by section 867 of the Companies and Allied Matters CAMA 2020.
The memo further stated that under the new Insolvency Regulations, the commission would henceforth carry out its activities in accordance with CAMA.
The Minister of Industry, Trade and Investment Otunba Richard Adeniyi Adebayo said the Insolvency Regulations 2022 contained eight different sub headings and provisions.
This, he said, included Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, and Winding -up by the Court.
Others, according to thec commission, were Creditors’ Voluntary Winding- up, Arrangements and Compromise, Netting as well as Dissolution of the Incorporated Trustees.
The commission however noted that the new Insolvency Regulations shall not apply to the rules of the court relating to insolvency applications made both by the Chief Judge, Federal High Court or any other court designated by an act of the National Assembly with the provision of CAMA vested with the jurisdiction in them to hear cases arising from the new order.
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