BACKGROUND
The Companies and Allied Matters Act (Chapter C20) Laws of the
Federation of Nigeria 2004 ( CAMA 1990 ) was initially
made law in Nigeria in 1990 as a decree of the military government.
It was modelled on the English Companies Act 1985. For thirty
years, there were no significant amendments to the CAMA 1990,
notwithstanding that England has, over the past three decades,
amended and replaced its own Companies Act. Nigerian companies had
to, essentially, rely on a 30-year old law to govern the way
businesses operate in our dynamic and exponentially evolving global
community. However, this all changed on Friday the 7th of August
the designated officer of the Court appointed to act as
receiver;
a liquidator;
a combination of any of the persons listed in (i) to (iv)
above.
Administration can also be commenced out of court. This
happens where an administrator is appointed by either the company
itself, its directors or the holder of a floating charge that meets
the stipulated conditions.
Where an appointment is made out of court, the person that
appointed the administrator is required to file a notice of
appointment, and such other documents as may be prescribed, with
the Corporate Affairs Commission (the CAC ), and in some
BACKGROUND
The Companies and Allied Matters Act (Chapter C20) Laws of the
Federation of Nigeria 2004 ( CAMA 1990 ) was initially
made law in Nigeria in 1990 as a decree of the military government.
It was modelled on the English Companies Act 1985. For thirty
years, there were no significant amendments to the CAMA 1990,
notwithstanding that England has, over the past three decades,
amended and replaced its own Companies Act. Nigerian companies had
to, essentially, rely on a 30-year old law to govern the way
businesses operate in our dynamic and exponentially evolving global
community. However, this all changed on Friday the 7th of August