The Nigerian Business Rescue Model: An Introduction

Abstract

There is a growing body of literature on the reform of the Nigerian business rescue procedure. Simultaneously, there is a knowledge void which should be filled with detailed information on the extant system – its background, design and cohesive statement of its inadequacies. To fill that gap, the history of the extant Nigerian business rescue model is outlined here. The historical journey also highlights, very briefly, fundamental issues on which prospective reformers must cogitate if they are to create a cogent business rescue model for the Nigerian insolvency practice. In particular, it highlights the conceptual changes made to the Nigerian rescue mechanisms which distinguish it from its British counterpart. It also discusses the shortcomings of the first set of transplants which must be properly understood before the second set of transplants take effect.

Keywords: Business Rescue Model, Nigerian Rescue Model, Nigerian Corporate Rescue, Receiver, Scheme of Arrangement