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
Are you about to start a new business in partnership with
the family, acquaintances or third-party investors? Or have you
already got burned on some joint business. This article
is a short guide to the essential components of a successful
partnership.
What is considered to be better: to organize a new business
by yourself or together with the partner? This question is asked by
everyone who decides to enter the path of
entrepreneurship.
If you talk to experienced business people and listen to their
opinions, the answers you will receive will be the opposite.
Someone will say that due to the partners, their ordinary business
Dewan Housing: Why insolvency resolution processes need a
greater degree of certainty
In November 2019, after reports of a large-scale financial scam,
Dewan Housing Finance Corporation Ltd (DHFL) became the first
non-banking financial company to be referred to the National
Company Law Tribunal (NCLT) for insolvency proceedings.
In February 2020, 24 applicants submitted expressions of
interest for DHFL. Applicants were allowed to bid for either the
entire company or parts of the business. The last date for
submission of a resolution plan was April 16. The deadline
was extended multiple times, including on account of the COVID-19
pandemic, until November 9.
While the Adani group was reportedly among the initial 24