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PART II contd-…GENERAL CORPORATE INSOLVENCY LEGAL PATCHWORK

REDISTRIBUTION OF ASSETS UNDER THE NORMAL LAW

a Direct Holding or Certificated Securities System. see Ss 79, 151, 152 on definition of membership to company. A host of other similar provisions in CAMA

A Dual insolvency system (individual and corporate)-

The Bankruptcy Act (No. 109 of 1992 (BA) please see S108;

The Company and Allied Matters Act (CAMA), cap C20, LFN, 2004 parts XIV to XVI); and

related subsidiary legislation, such as the Bankruptcy Rules of 1990 (BR) and the Companies Winding-up Rules 2001 (CWR).

Note Mergers & Acquisition under ISA 2007: a type of insolvency process which involves a voluntary dissolution of the existing company(s) –and absorption of its liabilities- into a new entity without a voluntary formal process of winding-up (S122 (6) (d) ISA 2007).

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