Best Restructuring & Insolvency Lawyers in Abuja

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Highlaw Chambers

Highlaw Chambers

15 minutes Free Consultation
Abuja, Nigeria

Founded in 2021
5 people in their team
English
Hausa
Yoruba
Highlaw Chambers is a premier Nigerian law firm at the forefront of delivering innovative legal solutions. We are renowned for our dedication and commitment, we specialize in empowering clients across various sectors to disrupt industries and achieve transformative outcomes. Our expertise spans a...
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Founded in 1976
50 people in their team
English
Olisa Agbakoba Legal (OAL) is a leading world class legal solutions provider with clients in diverse sectors of the Nigerian economy. Our diversified skills ensure that we provide innovative legal solutions to our clients. At OAL, we are always devoted to our EPIC values: our excellence,...
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G. Elias
Abuja, Nigeria

Founded in 1994
50 people in their team
English
ABOUT G. ELIASWe were founded in 1994 and have become one of Nigeria’s leading business law firms. We have always had an international outlook. We have a reputation for, and an outstanding record of, carrying out critical, innovative and complex work to the highest standards...
Ojukwu Faotu & Yusuf
Abuja, Nigeria

Founded in 1985
50 people in their team
English
Ojukwu Faotu & Yusuf is a team of experienced and dedicated lawyers with client-focused service delivery goal. We provide a full array of legal services in a competent, efficient and professional manner.- 1985, OpeningThe firm was originally founded as Eleuthera Chambers at Aba .- 1988It later...
Dentons ACAS-Law
Abuja, Nigeria

Founded in 1991
200 people in their team
English
About Dentons ACAS-LawDentons ACAS-Law is a leading commercial law firm with a culture built on the idea that sustainability in business is derived from consistently providing technically excellent and creative legal solutions against the background of the highest standards of integrity.The Firm...
Ace Solicitors
Abuja, Nigeria

Founded in 1991
10 people in their team
English
Ace Solicitors is a moderately sized, full service Nigerian law firm with affiliates in Lagos and Accra. It was established in 1991 by the founding partner, Ese Igbako whom the firm was earlier named after. The firm rebranded and changed its name to Ace Solicitors on the 15th of May 2006. Ace...
Tri Nasr
Abuja, Nigeria

Founded in 2000
50 people in their team
English
The in-depth business knowledge of our team ensures that each client’s individual legal needs and requirements are met. As a law firm, we are interested in depth and thoroughness of work. As our motto: DEPTH MATTERS.The continued success of the firm is due primarily to the high academic and...
JUS PARTNERS
Abuja, Nigeria

Founded in 2000
50 people in their team
English
Who we AreJUS PARTNERS was established on 22nd February 2000 with a determination on the part of the Partners to build a first class rated law firm. Over eight years on, the firm has earned its reputation of consummate legal practice in virtually all areas of its law practice which cut across both...
Kayode Olatoke & Co
Abuja, Nigeria

Founded in 1994
50 people in their team
English
The Firm's ProfileEstablished in 1994, Kayode Olatoke and Co . has, over the years, grown into a formidable law firm having represented our clients in a lot of high profile cases including, but not limited to, Election Petitions, personal injury, land matters, chieftancy matters, liquidation,...

Founded in 2000
50 people in their team
English
Kayode Ajulo & CoKAYODE AJULO & CO. CASTLE OF LAW, is a fully established corporate and litigation law office with established and well equipped up-to-date state of the art information technology to facilitate seamless operation locally and internationally.Our proven methodology and...
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About Restructuring & Insolvency Law in Abuja, Nigeria

Restructuring and insolvency law in Abuja, Nigeria pertains to the legal framework and procedures involving companies or individuals who are unable to meet their financial obligations. This area of law governs how businesses can reorganize their debts, assets, and corporate structures to remain solvent, or how they can systematically wind up operations when solvency cannot be restored. The capital city, Abuja, hosts several courts, agencies, and professionals with expertise in this field, making it a central hub for insolvency and restructuring proceedings in Nigeria.

Nigeria’s approach to restructuring and insolvency has evolved in recent years, supporting more transparent and flexible frameworks for both creditors and debtors. The enactment of the Companies and Allied Matters Act (CAMA) 2020 and the Nigerian Insolvency Act represents a significant stride in aligning the country’s laws with international standards. The aim is to promote economic stability, safeguard business interests, and ensure fair treatment for all parties involved.

Why You May Need a Lawyer

Restructuring and insolvency issues can be complex, impacting not only legal rights but also the future of your business or personal finances. Common scenarios in which legal help is advisable include:

  • Your business is struggling to meet loan repayments or financial obligations
  • A creditor has threatened legal action or already commenced debt recovery proceedings
  • You wish to restructure your company's debts or renegotiate with creditors
  • You need to liquidate a business and want to comply with all legal requirements
  • You are a creditor seeking to recover debts or understand your rights in an insolvency scenario
  • You are concerned about directors' duties and potential liabilities during financial distress
  • You are an individual facing bankruptcy or personal insolvency

Lawyers specializing in restructuring and insolvency can provide strategic advice, represent your interests, and help you navigate the complex legal processes to achieve the best possible outcome.

Local Laws Overview

Several local laws and regulatory frameworks govern restructuring and insolvency matters in Abuja, Nigeria:

  • Companies and Allied Matters Act (CAMA) 2020: The CAMA 2020 is the principal legislation regulating insolvency processes, including company voluntary arrangements, administration, and liquidation.
  • Bankruptcy Act: Deals primarily with personal insolvency, offering both voluntary and court-ordered bankruptcy proceedings for individuals.
  • Companies Winding-Up Rules 2001: Specifies the procedure for winding up companies in Nigeria.
  • Security and Exchange Commission (SEC) Guidelines: These may apply for publicly listed companies undergoing restructuring or mergers as part of a rescue package.
  • Case Law and Judicial Precedents: Nigerian courts in Abuja interpret and apply insolvency laws, which can influence outcomes based on previous judgments.

Key aspects include the initiation of insolvency proceedings by creditors or debtors, the appointment of insolvency practitioners such as liquidators or receivers, the distribution of assets to creditors, and the impact of insolvency on employment, tax, and regulatory obligations.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring refers to the process of reorganizing a company’s financial or operational structure to restore profitability or efficiency, often without entering insolvency. Insolvency is a legal state where an individual or company cannot meet debt obligations as they fall due, sometimes resulting in legal proceedings such as liquidation or bankruptcy.

Who can initiate insolvency proceedings in Abuja, Nigeria?

Insolvency proceedings may be initiated by the debtor company or person, a creditor, or certain regulatory authorities, depending on the circumstances and reasons for insolvency.

What is a company voluntary arrangement?

A company voluntary arrangement (CVA) is a binding agreement between a company and its creditors to repay debts over an agreed period, potentially avoiding liquidation. It requires approval from the majority of creditors and the court.

What happens when a company goes into liquidation?

Liquidation involves winding up a company’s affairs, selling off assets, and distributing proceeds to creditors in a legally determined order of priority. After liquidation, the company ceases to exist as a legal entity.

Are directors personally liable for company debts during insolvency?

Generally, directors are not personally liable for company debts unless they have provided personal guarantees or are found guilty of wrongful trading, fraud, or misconduct.

What is the role of a liquidator or insolvency practitioner?

A liquidator or insolvency practitioner manages the insolvency process, including gathering and selling assets, paying creditors, and complying with legal requirements until the process concludes.

Can an insolvent company continue to operate?

An insolvent company may continue operations during certain restructuring processes, such as administration or a CVA, but in liquidation, the company’s business usually ceases except for activities related to asset disposal.

How long does insolvency or bankruptcy take in Abuja?

The duration varies depending on the complexity of the case, size of the estate, number of creditors, and legal challenges. Some cases are resolved in a few months, while others can take years.

What rights do creditors have in insolvency proceedings?

Creditors have the right to be informed, attend meetings, vote on proposals, receive payments from available assets, and sometimes challenge the conduct of the debtor or insolvency practitioner.

Can individuals file for personal bankruptcy in Abuja?

Yes, individuals can file for bankruptcy under the Bankruptcy Act. This involves court proceedings, asset transfers to a trustee, and legal protections against creditors during the process.

Additional Resources

If you need more information or assistance, consider reaching out to the following resources:

  • Corporate Affairs Commission (CAC): The regulatory authority for company registrations, filings, and insolvency procedures.
  • Securities and Exchange Commission (SEC) Nigeria: Responsible for publicly listed companies’ restructuring and compliance matters.
  • Nigerian Bar Association (NBA) Abuja Branch: A professional body with directories of lawyers specializing in restructuring and insolvency.
  • Federal High Court, Abuja: Handles most insolvency and bankruptcy cases in Nigeria’s capital.
  • Insolvency Practitioners Association of Nigeria: An organization for certified insolvency practitioners and professionals.

Next Steps

If you require legal assistance regarding restructuring or insolvency in Abuja:

  • Gather all relevant documents concerning your debts, assets, contracts, and business structure.
  • Consult a qualified lawyer specializing in restructuring and insolvency law to discuss your specific circumstances and options.
  • Consider mediation or out-of-court negotiation if appropriate, as this can sometimes lead to faster and less costly resolutions.
  • Follow all legal advice and statutory requirements closely to protect your interests and avoid potential liabilities.
  • Stay informed about your rights and duties during any legal proceedings.

Taking prompt, informed, and strategic actions can help you achieve the best possible outcome when facing restructuring or insolvency situations in Abuja, Nigeria.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.