Best Restructuring & Insolvency Lawyers in Lagos

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.

Moland Partners

Moland Partners

15 minutes Free Consultation
Lagos, Nigeria

Founded in 2000
50 people in their team
English
Lawsuits & Disputes Restructuring & Insolvency ADR Mediation & Arbitration +6 more
Moland Partners is an advisory and consultancy law firm made up of a team of highly driven professionals with in-depth knowledge of corporate and commercial law, real estate advisory, corporate governance and immigration. Our expertise positions us to offer the most practical solution to challenges...
Guidance Law Firm
Lagos, Nigeria

Founded in 2004
20 people in their team
English
Lawsuits & Disputes Restructuring & Insolvency General Litigation +2 more
Guidance Law Firm | Full-Service Legal Practice in NigeriaGuidance Law Firm is a full-service law firm based in Nigeria, offering strategic legal solutions to individuals, businesses, and institutions. With a reputation for excellence, integrity, and client-focused advocacy, we handle a wide range...
Goldsmiths Solicitors
Lagos, Nigeria

Founded in 1962
15 people in their team
English
Restructuring & Insolvency Commercial Litigation Antitrust Litigation
Goldsmiths Solicitors is a leading business law firm based in Lagos, the commercial hub of Nigeria.We are passionate about offering all our clients first-class professional services which is based on commercial realities. Our services are built around the delivery of clear, pragmatic, accurate and...
Adeola Oyinlade & Co
Lagos, Nigeria

Founded in 2014
21 people in their team
English
Lawsuits & Disputes Restructuring & Insolvency Ethics and Professional Responsibility +6 more
Adeola Oyinlade & Co. is a leading full-service law firm with its head office in Lagos, Nigeria. As a leading law firm in Nigeria, we offer a variety of legal services to a vast range of national and foreign clients.The firm’s corporate, commercial and business advisory expertise covers...

Legal guides written by Adeola Oyinlade & Co:

  • The Step-By-Step Procedure of How to Apply for Microfinance Bank License Online in Nigeria
  • Procedure and Requirements for Work Permit and Visas in Nigeria
  • The Use of Drones for Commercial Purposes and Privacy Rights of Others
Advocare Populi Law Firm

Advocare Populi Law Firm

30 minutes Free Consultation
Lagos, Nigeria

Founded in 2020
10 people in their team
English
Advocare Populi is a Nigerian based firm, with expertise in litigation and corporate/legal advisory services in family law, Labour law, contract, property law, Tech law, Incorporation/post incorporation, fundamental right enforcement and a host of other areas.Advocare Populi is a Nigerian based...
Nomos Legal Practice
Lagos, Nigeria

Founded in 2012
5 people in their team
English
Igbo
Nomos Legal Practice | Business & Litigation Lawyers in NigeriaNomos Legal Practice is a dynamic and client-focused law firm based in Nigeria, dedicated to providing high-quality legal solutions across a wide range of practice areas. Our firm is built on a foundation of integrity, efficiency,...
B.F.A & Co. Legal
Lagos, Nigeria

Founded in 2018
10 people in their team
English
B.F.A. Legal & Co. LegalBFA & Co. Legal is a full service law firm headquartered in Lagos, Nigeria. We offer top level legal and business services to both local and international clients. Our expertise on legal issues cuts across borders.As a client focused and result oriented people, we...
Olaniwun Ajayi
Lagos, Nigeria

Founded in 1962
200 people in their team
English
The FirmOlaniwun Ajayi has in over 60 years distinguished itself as the leading international law firm. Here, we provide bespoke, client-focused services, and are driven by the need for excellence in all we do. With a broad outlook, making us one of the few truly full-service law firms in...

Founded in 1965
200 people in their team
English
Afe Babalola & Co. | Top Law Firm in Nigeria for Litigation & Legal AdvisoryAfe Babalola & Co. (Emmanuel Chambers) is a leading full-service law firm in Nigeria, renowned for excellence in advocacy, commercial law, and legal advisory. Founded in 1965 by Aare Afe Babalola, SAN, CON, OFR,...
G. Elias
Lagos, 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...
AS SEEN ON

About Restructuring & Insolvency Law in Lagos, Nigeria

Restructuring and insolvency law refers to the set of legal principles and procedures that govern how financially distressed companies, or individuals, manage their obligations in Lagos, Nigeria. This field addresses circumstances in which businesses or persons are unable to meet their financial commitments, offering options either to reorganize their affairs and return to profitability or to wind up operations in an orderly manner. Lagos, being the commercial hub of Nigeria, sees a significant number of restructuring and insolvency matters. These proceedings are designed to balance the interests of debtors, creditors, employees, and other stakeholders, ensuring fair and transparent resolution of financial distress.

Why You May Need a Lawyer

Legal guidance is crucial when dealing with restructuring and insolvency issues due to the complexity and significance of the consequences. You may need a lawyer in the following situations:

  • When your company is facing financial distress and you need advice on restructuring options such as debt renegotiation, business reorganization, or asset sales.
  • If you are a creditor seeking to recover debts from a financially troubled entity.
  • When you are served with a winding up petition or insolvency notice.
  • If you are personally facing bankruptcy or need guidance on voluntary arrangements with creditors.
  • During mergers, acquisitions, or business sales involving distressed assets or liabilities.
  • To protect your rights, negotiate settlements, or represent your interests in court during insolvency proceedings.
  • When you require guidance on compliance with regulatory requirements throughout restructuring or insolvency.

Local Laws Overview

The primary legislation governing restructuring and insolvency in Lagos, Nigeria, is the Companies and Allied Matters Act (CAMA) 2020, along with relevant provisions of the Bankruptcy Act and guidelines issued by regulatory agencies such as the Corporate Affairs Commission (CAC) and the Securities and Exchange Commission (SEC).

Key aspects include:

  • Corporate Restructuring: CAMA 2020 provides for schemes of arrangement, compromise, mergers, acquisitions, and other forms of business reorganization.
  • Insolvency Proceedings: The law sets out procedures for winding up companies, both voluntarily and by court order, and addresses situations where a business cannot pay its debts.
  • Receivership and Administration: Creditors may enforce rights through the appointment of receivers or administrators to recover debts.
  • Bankruptcy: For individual insolvency, the Bankruptcy Act outlines how personal bankruptcies are declared and managed.
  • Role of the Courts: The Federal High Court in Lagos has jurisdiction over insolvency matters involving companies and partnerships.
  • Protection of Creditors and Employees: The law lays out the priority of payments to creditors and the treatment of employee rights during insolvency.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring involves reorganizing a company's operations, finances, or ownership to restore profitability. Insolvency means that an individual or company is unable to pay debts as they fall due. Restructuring can be a preventive measure, while insolvency involves legal proceedings to address unpaid debts.

Who can initiate insolvency proceedings in Lagos?

Insolvency proceedings can be initiated by the debtor, creditors, or by regulators in certain circumstances, such as when a company is unable to pay its debts.

What are the common options for a distressed company in Nigeria?

Options include debt restructuring, seeking new investment, entering into a scheme of arrangement with creditors, asset sales, or, in extreme cases, winding up or liquidation.

What is a scheme of arrangement?

A scheme of arrangement is a court-supervised agreement between a company and its creditors (or shareholders) that allows for the restructuring of debts, operations, or equity, subject to approval by the court and creditors.

How are creditors prioritized in insolvency?

The law establishes a payment hierarchy. Secured creditors are typically paid first, followed by preferential creditors (such as employees' wages), and finally unsecured creditors.

Can an individual file for bankruptcy in Lagos?

Yes, individuals can be declared bankrupt under the Bankruptcy Act if they cannot pay their debts. The process involves court proceedings for assessing the debtor's liabilities and assets.

What protection do employees have during insolvency?

Employees are classified as preferential creditors, meaning they are entitled to receive unpaid wages or entitlements before many other creditors during insolvency proceedings.

What is receivership?

Receivership occurs when a secured creditor appoints a receiver to take control of specific assets, usually to sell them to recover an outstanding debt owed by the debtor company.

What role does the Corporate Affairs Commission play?

The CAC oversees company registrations, filings, and compliance. It plays a regulatory role during company restructuring or insolvency, including the registration of court orders or schemes.

Are court proceedings mandatory in every insolvency case?

Not all cases require court intervention. Voluntary arrangements, out-of-court agreements, or private restructuring are possible, but formal insolvency processes usually involve court oversight.

Additional Resources

For more help regarding restructuring and insolvency in Lagos, consider reaching out to these resources:

  • Corporate Affairs Commission (CAC) Lagos Office: For company registration, amendments, and regulatory guidance.
  • Securities and Exchange Commission (SEC): Especially relevant for public companies and issues involving securities.
  • Lagos State Ministry of Justice: Provides general legal advisory and maintains court records.
  • Nigerian Bar Association (NBA) Lagos Branch: For referrals to qualified restructuring and insolvency lawyers.
  • Insolvency Practitioners Association of Nigeria: Offers professional support and can direct you to licensed insolvency practitioners.

Next Steps

If you are dealing with a potential restructuring or insolvency matter in Lagos, it is important to:

  1. Gather all relevant financial documents and information about your situation.
  2. Seek professional legal advice from a qualified restructuring and insolvency lawyer.
  3. Consider consulting with a financial advisor for a full assessment of your options.
  4. Contact relevant regulatory bodies if you require information or support.
  5. Act promptly - early intervention often leads to better outcomes and more available options.

Taking these steps will help you understand your rights, obligations, and the most effective way to resolve financial distress in compliance with Lagos and Nigerian law.

Lawzana helps you find the best lawyers and law firms in Lagos through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Lagos, Nigeria - quickly, securely, and without unnecessary hassle.

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.