Insolvency Practitioners’ Roles and Responsibilities: Jurisdictional Insights – Nigeria
Forward
INSOL International’s Insolvency Practitioners Group (IPG) has decided to prepare a publication that explores the roles and tasks of insolvency practitioners in various jurisdictions. The result of IPG’s research is contained in this publication. Worldwide, insolvency practitioners have similar objectives: to provide all stakeholders with the best possible outcome from the restructuring / insolvency mandate. Interestingly, however, in practice, the manner in which insolvency practitioners operate can
vary significantly from jurisdiction to jurisdiction. For instance, many jurisdictions have a myriad of options available which are geared to achieving a maximum payout to creditors. The question to address is whether these procedures are used regularly and are they effective in practice?
Other distinguishing factors include, the manner in which insolvency practitioners are appointed, to whom these office holders must report and how regularly, the effect that a restructuring would have on employees, suppliers and other related parties, the extent and ability to investigate the management and directors, the manner in which claims are dealt with both locally and cross-border and many other aspects which an insolvency practitioner must deal with in the fulfillment of his / her mandate. Other
important aspects include what qualifications an insolvency practitioner must have to be able to practice, the need to belong to an accredited member association and the manner in which practitioners are remunerated.
This publication strives to provide a comprehensive overview of the issues stated above and provide answers to these questions
in multiple jurisdictions. We hope the readers will find the information useful in their daily work.
Through its excellent network, INSOL International has identified seasoned experts around the globe who have been willing to
contribute to this publication. This publication is the product of their hard work and efforts. A big thank you goes out to all the
contributors for making this publication come to fruition. Much gratitude is also owed to Dr Sonali Abeyratne, Sarah Mylott and
Jelena Wenlock for their invaluable support and assistance in getting this publication completed.
Contributors
Australia – Gayle Dickerson and Stephen Vaughan, KPMG
Brazil – Isabel Picot, INSOL Fellow and Rodrigo Garcia, INSOL Fellow, Galdino, Pimenta,
Takemi, Ayoub, Salgueiro, Rezende de Almeida Advogados
Canada – Michael N W Baigel assisted by Jeremy Kroll and Noah Litwack, Baigel Corp.
Cayman Islands – Nicholas Fox and Jaclyn Pascoe, Mourant
England & Wales – Luke Wiseman, INSOL Fellow and Jim Tucker, Interpath Advisory
France – Gilles Podeur, Alerion Avocats
Germany – Dr Stephan Degen, Heuking Kühn Lüer Wojtek PartGmbB
Guernsey – Andrea Harris, INSOL Fellow and Owen Thomas, Grant Thornton
Hong Kong – Alexander Tang, INSOL Fellow, Stephenson Harwood
India – Suharsh Sinha, Saloni Thakkar, Sakshi Bangar and Jay Kothari, AZB & Partners
Jersey – Stephen Alexander and Andrew Bridgeford, Mourant
Nigeria – Okorie Kalu, INSOL Fellow and Nnamdi Ben-Igwenyi, Punuka Attorneys & Solicitors
People’s Republic
of China – Ran Chen, Shanghai Lang Yue Law Firm (Allen & Overy LLP’s joint operation partner in China)
Singapore – Angela Ee and Richard Gardner, EY Parthenon
South Africa – Anneke Barnard, BDO Business Restructuring (Pty) Ltd
The Netherlands – Christiaan Zijderveld, INSOL Fellow and Joost den Hollander, INSOL Fellow, Houthoff
UAE – Haroon Ahmed, Paul Leggett and Jennifer Frenis, Deloitte
USA – John S. Mairo, Esq. INSOL Fellow, Porzio, Bromberg & Newman, P.C.
and Allen D. Wilen CPA/CFF, CFA, CIRA, INSOL Fellow, EisnerAmper, LLP
