Insolvency Practice
Insolvency is a situation of financial distress whereby someone or business entity is unable to pay their debts. It can lead to insolvency proceedings, in which legal action will be taken against the insolvent entity, and assets may be liquidated to pay off outstanding debts. In Nigeria, insolvency procedures are mainly contained in the Companies and Allied Matters Act Cap C 20 Law of the Federation of Nigeria 2004 (CAMA), even though there are pockets of other legislations with features of insolvency.
Chukwunyere Chambers is undisputedly a leader in Debt Recovery and Insolvency Practice in Nigeria. By adopting diverse legal tools for the recovery of debts, we have been successful in recovering huge debts for clients. Generally, our largest portfolio of debt recovery cases has come from Nigerian banks in their bid to recover non-performing loans.
Our recovery process starts with a well laid down strategy which is pursued with vigor until the matter is resolved.
Our firm has been a strong hold on Insolvency practice and offers comprehensive services in corporate restructuring led by commercial insolvency, insolvency related litigation, negotiated settlements, enforcement of security interest and corporate debt restructuring. We represent many clients including public and private companies, financial institutions etc.
Our lawyers have been appointed as receivers/managers and liquidators of insolvent entities and assets. In addition we have expertise in conducting forensic investigations by way of comprehensive due diligence.
As a Debt Recovery and Insolvency Law Firm in Nigeria, Chukwunyere Chambers is a member of INSOL and the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN).
Our Insolvency services include:
- Negotiation with Creditors for Settlement
- Acquisition and Sale of Distressed Assets
- Restructuring under Arrangement with Creditors
- Bi-lateral Debt Restructuring Liquidation
- Enforcement of Security Interest Facility
- Security and Credit Reviews for Lenders and Borrowers