A REVIEW OF BANKRUPTCY LAW AS AN EFFECTIVE MECHANISM FOR DEBT RECOVERY IN NIGERIA

Adesina-Babalogbon, Oluwafunmilayo and ABIBU, Akinyemi (2019) A REVIEW OF BANKRUPTCY LAW AS AN EFFECTIVE MECHANISM FOR DEBT RECOVERY IN NIGERIA. In: FPI 2019 SCHOOL OF MANAGEMENT STUDIES 10TH NATIONAL CONFERENCE, Federal Polytechnic, Ilaro.

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Abstract

According to the legislation on Bankruptcy in Nigeria, a proceeding can be initiated at the instance of either the creditor or the debtor if there has been act of bankruptcy committed by the debtor. The law equally sets out the procedure for initiating bankruptcy proceedings while providing for instances where the bankrupt is disqualified from holding certain positions. This Paper reviews the Bankruptcy law in Nigeria while juxtaposing the current position against the laws of the United Kingdom and United States of America on Bankruptcy. The question arises as to whether the law on bankruptcy can be said to be an effective method of debt recovery in Nigeria. This paper majorly advocates for an amendment of certain provisions of the Bankruptcy Act to reflect current economic realities, and equally recommends expunction of section 17(5) of the Act. Primary data deployed are legislations, and judicial precedents,. Also, secondary data obtained from published books, journals, and articles were used in the course of conducting this research. Key words: Bankruptcy; Debt; Creditor; Official Receiver, Debt Recovery

Item Type:	Conference or Workshop Item (Paper)
Subjects:	K Law > K Law (General)
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management
Depositing User:	Unnamed user with email [email protected]
Date Deposited:	01 Aug 2022 07:45
Last Modified:	01 Aug 2022 07:45
URI:	http://eprints.federalpolyilaro.edu.ng/id/eprint/2019

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