With the advent of CAMA 2020 on January 1, 2021, and the introduction of new business rescue procedures: Company Voluntary Arrangement (CVA) and Administration, some entities in Nigeria have taken steps to utilise these procedures to improve or save their businesses from financial distress. CVA with its minimal court interference procedure, offers the directors of a company the opportunity to voluntarily (with the support of a Nominee) propose a composition with its creditors or a scheme of arrangement of its affairs under the shadow of the law and Court.

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