A Bill for an Act to Repeal the Bankruptcy Act, Cap B2, Laws of the Federation of Nigeria 2004, and Enact the Business Insolvency and Restructuring Act to Provide a Modern Legal Framework for Insolvency, Corporate Rescue, and Creditor Protection, and for Related Matters

Abstract

This Bill seeks to repeal the Bankruptcy Act (Cap B2, LFN 2004) and replace it with a modern Business Insolvency and Restructuring Law, aligning Nigeria with international best practices. It introduces a corporate rescue framework, enhances creditor protection, strengthens regulatory oversight, and promotes economic stability through responsible debt resolution mechanisms