The World Bank has estimated that micro, small and medium sized enterprises (MSMEs) represent over 95% of enterprises and account for more than 60% of employment worldwide. With limitations regarding their ability to self-protect against insolvency risk, their susceptibility to systemic demand and supply shocks, their limited capital reserves and their level of debt overhang, …
More →There is no specific legislation in Nigeria for the recognition of foreign insolvency proceedings, orders, or judgments as well as for co-operation between domestic and foreign courts, coordination of concurrent proceedings or communication of information. Nigeria only has a limited framework for recognition and enforcement of an international monetary judgment which must be final and …
More →INTRODUCTION The adverse effects of the COVID-19 pandemic has taken a heavy hit on labour and employment relations. In some jurisdictions, policies and measures such as insurance, government grants, concessions and palliatives have been put in place to cushion the effect of the economic crunch and cater for the ever-increasing unemployment rate. However, in Nigeria, …
More →From the health sector to aviation and transport, tourism and hospitality, education, business, recreation, oil & gas, real estate, and manufacturing, the pandemic has continued to cause grave impacts with resultant grave consequences. The statistics as of May 19, 2020 showed a total number of 4,971,499 cases with 324,115 reported deaths globally. In Nigeria, the …
More →The outbreak and rapid widespread of Corona Virus (Covid-19) in Nigeria currently constitutes a threat and poses several challenges to business owners in respect of its continuity as a going concern. To tackle this pandemic menace, the Federal Government rolled out various economic survival measures and intervention funds to support business continuity and preserve the …
More →Across the globe, the effects of reduced demand, disrupted supply chains and tighter liquidity resulting from the COVID-19 pandemic is causing significant financial distress for all kinds of businesses. Read our contribution for Nigeria to the INSOL International and the World Bank Group jointly produced Global Guide which highlights some of the primary measures that …
More →Introduction Various reforms have been ongoing in the financial and commercial landscape for doing business in Nigeria, which impacts on insolvency and restructuring practice in Nigeria. In May 2017, the enactment of the Collateral Registry Act (also known as the Secured Transactions in Movable Assets Act) and Credit Reporting Act enhanced the secured credit framework …
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