Abstract/Summary

The paper examines the adequacy of some of the reforms to be introduced by the proposed Nigerian Insolvency Act. In particular, it examines the provisions relating to the proposal of arrangements amongst stakeholder groups. The paper argues that arrangements have always been difficult to implement in Nigeria. It argues that the proposed provisions will not resolve the challenges faced in Nigeria. Reasons for this include in the main, the fact that there is no stay on enforcement while the arrangement is made. This issue has been contemplated several times in the UK but Nigeria did not consider it at all. The essay also indicates some of the challenges that will be introduced into the system where the provisions as set out are transplanted into Nigeria.