BANKRUPTCY AND INSOLVENCY ACT REPEAL AND RE ENACTMENT BILL
Bill · Finance
A Bill repeals and re-enacts the Bankruptcy Act to modernize insolvency laws. It targets businesses, creditors, and insolvency practitioners. This improves business restructuring and protects creditor rights.
What Is This Policy?
A bill to repeal and re-enact the Bankruptcy Act, modernizing insolvency law to support business restructuring and orderly debt resolution.
Who Does It Target?
Businesses, creditors, debtors, insolvency practitioners, and the financial sector.
What Does It Aim to Achieve?
Modernize insolvency proceedings, facilitate business restructuring, protect creditor rights, and improve Nigeria's business environment.
Key Features
Framework Standards: Establishes clear standards and guidelines Compliance and Oversight: Provides compliance and monitoring mechanisms Public Benefit: Designed to protect public interest and improve outcomes
Current Status
Rollout Stage: Active/Under implementation or legislative consideration Coverage: Nationwide Lead Agency: Relevant Federal Ministry or Agency
How to Access
Implemented through relevant government agencies. Guidelines and compliance information available through the responsible ministry or agency.
Impact & Metrics
Strengthens institutional, legal, and regulatory capacity in the relevant sector.
Official Resources
Website: nass.gov.ng Contact: Relevant Federal Ministry/Agency, Abuja
Legal Framework
Introduced under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended) to repeal and replace the Bankruptcy Act (Cap B2 LFN 2004). Draws on the Companies and Allied Matters Act (CAMA) 2020 on corporate rescue and insolvency, the Federal High Court Act, and the UNCITRAL Model Law on Cross-Border Insolvency. Aligns with World Bank Principles for Effective Insolvency and Creditor/Debtor Regimes.