The Corporate Affairs Commission (CAC), says the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has approved the Insolvency Regulations (IR) 2022.
The approval was in line with the powers conferred on the Minister by Section 867 of the Companies and Allied Matters Act (CAMA) 2020.
The IR will henceforth regulate insolvency proceedings under CAMA.
Insolvency is a situation in which an individual, or company cannot pay off bills and debts.
The IRS states that a person is insolvent when the total liabilities exceed total assets.