12
Mar 20
Recognition and Enforcement of Cross-Border Insolvency: Nigeria in Perspective
Categories:
Download Publication
One of the challenges currently faced with Nigeria’s standing in relation to international trade is the adequacy of the country’s insolvency laws and regulations on cross-border insolvency. Trade has taken an international dimension over the decades, a corporation in one country will have interests – goods, assets, employees and claims in other countries.
During the life of a company and as it continues to trade, there is the likelihood for the company to fail such that its liabilities far exceed its assets and it goes insolvent. The question that then arises is how do companies that have businesses spread across different jurisdictions in the world deal with such business failure.