Legal Question in Bankruptcy in Nigeria

Any insolvent debtor who commit an act of bankrupcy can be decleared bankrupcy,between the debtor and creditor who stands to benefit more


Asked on 2/02/14, 3:06 pm

1 Answer from Attorneys

Israel Usman Classfield Solicitors

All kinds of insolvency processes (bankruptcy, liquidation/winding up, receivership) are designed to legally protect the interests of creditors in various ways. This is the main objective of insolvency laws.

There is some residual protection afforded to debtors though, mainly to allow leave the debtor with some dignity and personal survival (in the case of individuals) and possible continuation of business (in the case of business entities). This protection to debtors is limited and under strict conditions to ensure that the creditor is not short-changed

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Answered on 2/03/14, 4:36 am


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