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GLOBAL ECONOMIC MELTDOWN AND THE JUDICIARY - page 7 / 16

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PART II THE CURRENT LEGISLATIVE PATCHWORK AND JUDICIAL REMEDIES AFFORDED AGAINST GLOBAL MELTDOWN

DEBT ENFORCEMENT AND RECOVERY

S.6(1)(a) & (c) of the Magistrate Court Laws of Lagos State as amended on civil jurisdiction of magistrates, commercial claims within the ambit of MC’s jurisdiction subject to a financial ceiling (in Lagos, the sum of N1Million for Chief Magistrate)

S272 of the 1999 CFRN, the general jurisdiction of the High Court

S251 (b) (d) and (e)   of the 1999 CFRN vesting jurisdiction for any matter relating to Bankruptcy and corporate insolvency, see also S142 Bankruptcy Act of 1992

INSOLVENCY SUPERVISION BY MAGISTRATE COURTS?

Order 20 Magistrate Court Rules: before or at the hearing of any proceedings, a Magistrate Court may suo motu or on application appoint a receiver over a partnership business.

Legal implications of above having regard to powers of a receiver and nature of liability under a partnership. S393 CAMA and Schedule 11

Query: Will this rule cover receivership over business names?

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