THOUGHTS ON ROLE AND RESPONSIBILITIES OF JUDICIARY IN THE FACE OF GLOBAL MELTDOWN
Ubi jus ibi remedium: The judiciary has to provide effective and adequate remedies in commercial disputes, especially in the area of debt enforcement and insolvency in this current global situation. The attitude of courts would be crucial in building investors confidence in the Nigerian economy and enforcement of law.
It follows therefore that the judiciary as a whole must be able to –
Achieve the swift and efficient administration of justice and adjudication of commercial disputes as is expected for commercial litigation: time particularly of essence
Understand the dynamics of insolvency laws very well: need for further training and specialization of judges in addition to conventional education.
Provide different and collaborative avenues for remedies: the issue special jurisdiction and exclusive jurisdictions, domestic remedies, collaboration with statutory regulators
Promote reconciliation in commercial dispute taking advantage of its rules: in line with inherent nature of insolvency laws based on compromise, settlement between debtor and sundry creditors.
Give more effective justice: pursue the fraudulent directors of insolvent companies and making their assets available for distribution to companies creditors. See S506 CAMA