The Corporate Affairs Commission (CAC) has introduced new regulations on its activities known as “Insolvency Regulations 2022” with immediate effect.
In a memo issued by the Garba Abubakar led management of the CAC and released by the head media, Rasheed Mahe, said the new regulations was inline with the powers conferred on him by section 867 of the Companies and Allied Matters CAMA 2020.
The memo further stated that under the new Insolvency Regulations, the commission will henceforth carry out it’s activities in accordance with Companies and Allied Matters Act (CAMA).
Elanza News reports that the CAMA law is undergoing repeal at the National Assembly.
Since the passage and subsequent signing by President Muhammadu Buhari, the CAMA law has faced many controversies which delayed it’s implementation.
The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo said the Insolvency Regulations 2022 contains eight different sub headings and provisions.
This includes Company Voluntary Arrangements, Administration of Companies, Receivership/Managership, and Winding -up by the Court.
Others are Creditors’ Voluntary Winding- up, Arrangements and Compromise, Netting as well as Dissolution of the Incorporated Trustees.
The commission however notes that the new Insolvency Regulations shall not apply to the rules of the court relating to insolvency applications made both by the Chief Judge, Federal High Court or any other court designated by an act of the National Assembly with the provision of CAMA vested with the jurisdiction on them to hear cases arising from the new order.