The Chief Judge of the Federal High Court, Justice John Tsoho has created an Insolvency Unit for the Court.
In a statement signed by the Chief Registrar of theFederal High Court of Nigeria, Sulaiman Hassan, the court states that the creation of the unit will help to ensure effective implementation of enactments relating to Company Voluntary Arrangements, Administration, Receivership, Winding Up and various forms of restructuring of companies.
The statement added that the insolvency unit was created in line with global best practices on insolvency and will help provide specialized and standardized services on insolvency matters.
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This, the court described as a milestone in the quest for modernization and updating of insolvency practice and proceedings in Nigeria.
The unit which offers insolvency practitioners a dedicated channel for supervisory and enforcement service will also offer fast-track services required in the implementation of its mandate.
(Editor: Okechukwu Eze)
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