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Corporate Affairs Commission Develops Draft Regulations (Insolvency Regulations)

In pursuance of its powers under section 867 of the Companies and Allied Matters Act (CAMA) 2020, the Corporate Affairs Commission has developed draft regulations (Insolvency Regulations) for the conduct and regulation of insolvency practice under the Act. The Draft Insolvency Regulations are hereby exposed to stakeholders and the general public for comments and input.

Comments and input should be forwarded by email to any of the following addresses:

[email protected]

[email protected]

[email protected]

Kindly be advised that comments and input should be received on or before the 31st day of January 2022.

For ease of reference, the “Insolvency Regulation” can be downloaded at https://www.cac.gov.ng/wp-content/uploads/2021/12/INSOLVENCY-REGULATIONS-Exposure-Draft.pdf

Organizations are encouraged to pay attention to this draft regulation and provide responses directly to CAC as insolvency or winding down/dissolution is an important element of operations as nonprofits and the law provides for this.

Deadline for submission is January 31, 2022.

An advisory from the Nigerian Network of NGOs states that an organisation may wish to dissolve its operations if it has fulfilled its mission, perhaps there are growing challenges to the organisation’s survival and sustainability, mergers that may lead to dissolving one entity etc. There are many reasons for dissolution hence it is important that the sector provide detailed feedback to CAC on how it thinks the law should be implemented.

The advisory further stated that Dissolution or winding down are part of standards for measuring Freedom of Association in laws governing operations of civil society organisations. The process must submit to a full judicial hearing either when suspending or dissolving an organisation.

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Chiamaka Judith Alum
Author: Chiamaka Judith Alum

Good Governance and Human Right Advocate, Content Editor and Data Analyst

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