Experts Advocate Banks Aligning with CAMA for Insolvency Integrity
Insolvency experts have urged banks in Nigeria to align their loan agreements with the provisions of the Companies Allied Matters Act (CAMA) 2020 to enhance integrity in insolvency practices. Mr. Albert Folorunsho of the Business Recovery Insolvency Practitioners Association Nigeria emphasized the importance of banks adopting the new administration rescue mechanism introduced by CAMA 2020.
Folorunsho highlighted the need for banks to empower administrators rather than limiting recovery to receivership or liquidation processes. The call for alignment with CAMA 2020 aims to improve the efficiency and transparency of insolvency proceedings, ensuring that distressed businesses are managed effectively while upholding the highest levels of integrity.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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