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Punuka Attorneys & Solicitors | Nigeria | 23 Mar 2021

Securities Litigation in Nigeria

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Punuka Attorneys & Solicitors | Nigeria | 15 Nov 2013

Progress of insolvency law reform

The Business Recovery and Insolvency Practitioners Association of Nigeria – a private sector-driven association of insolvency practitioners – has made significant progress in the last two years and has adopted various strategies in its efforts towards modernising Nigerian insolvency law through private sector initiatives. But can private sector effort alone result in successful pursuit of a......
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Punuka Attorneys & Solicitors | Nigeria | 10 May 2013

Fast tracking financial insolvency-related cases: the AMCON Practice Direction

The Asset Management Corporation of Nigeria (AMCON) was established to help resolve the banking crisis by assuming toxic bank assets and associated debt recovery. Thus far, however, it has found itself mired in court litigation. The chief judge of the Federal High Court has therefore issued a practice direction aimed at fast tracking claims brought by, on behalf or against AMCON involving......
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Punuka Attorneys & Solicitors | Africa, Global | 14 Dec 2012

Best practice and tailored reforms in African insolvency: lessons from INSOL

The 2012 Nairobi INSOL Africa Roundtable confirmed that legislative reform is not an agenda for the government or private sector alone, but rather must involve a cooperative effort. The roundtable's success proves that African governments, financial institutions, policy makers and the private sector are now more actively engaged in modernising the insolvency framework on the continent.
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Punuka Attorneys & Solicitors | Nigeria | 31 Aug 2012

Scheme of arrangement as a business rescue tool

Schemes of arrangement under the Companies and Allied Matters Act do not incorporate certain features found in other jurisdictions, but they can nonetheless be used to achieve an insolvency system with a greater emphasis on business rescue. Sufficient legal structures and expertise are already in place to guide companies towards the best option on a case-by-case basis.
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Punuka Attorneys & Solicitors | Nigeria | 13 Apr 2012

Servant of two masters? The receiver-manager's dilemma

A privately appointed receiver-manager may benefit from greater flexibility and a wider scope of powers, but may also face a conflict of interest, as he or she is expected to work for the principal, but also owes a fiduciary obligation to the debtor company under statute. Thus, a receiver-manager must walk a fine line in order to avert personal liability and post-receivership litigation from......
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Punuka Attorneys & Solicitors | Nigeria | 18 Nov 2011

Driving business recovery: the role of the courts

The principal focus of modern insolvency legislation is no longer the liquidation and elimination of insolvent entities, but rather the remodelling of the financial and organisational structure of enterprises in financial distress to enable the rehabilitation and continuation of their business. In the right circumstances, the courts can proactively encourage business recovery using some......
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Punuka Attorneys & Solicitors | Nigeria | 17 Jun 2011

Restructuring the banking sector in the wake of the financial crisis

The reforms and measures initiated by the government and the Central Bank of Nigeria in order to restructure the banking sector are having a major impact on corporate restructuring. The banks must now interpret and apply Section 539 of the Companies and Allied Matters Act 2004, which affects any compromise or arrangement between the members or creditors of a company.
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Punuka Attorneys & Solicitors | 28 May 2010

Dealing with bank insolvency: regulatory intervention and criminal prosecution

In 2009 the impact of the global economic crisis in Nigeria shifted from the capital market to the banking sector. In terms of insolvency practice, a significant development arising from this situation has been the fact that statutory regulatory agencies involved with intervening in bank insolvency have resorted to criminal prosecution in managing bank insolvency, as opposed to using the......
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Punuka Attorneys & Solicitors | 26 Feb 2010

Restructuring and new capital: the role of government and insolvency practitioners

Although the governor of the Central Bank of Nigeria has reaffirmed the bank's resolve not to allow any deposit bank to fail, he stated that the near insolvency of certain banks, which necessitated the Central Bank's intervention in eight cases, stemmed principally from a lack of corporate governance and weak credit management practices. The Central Bank has devised various strategies to......
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