• 5 Marks

BL – Nov 2023 – L1 – SB – Q5d – Company Law

Discusses the types of insolvency practitioners and the qualifications required to practice in Nigeria.

Corporate insolvency occurs when a company is unable to meet its financial obligations.

Required:
i. State TWO insolvency practitioners. (2 Marks)
ii. State THREE qualifications that an insolvency practitioner must possess. (3 Marks)

i. Insolvency practitioners:

  1. Liquidators
  2. Receivers and managers

ii. Qualifications of an insolvency practitioner:

  1. Must be a member of a professional accountancy body recognized by law.
  2. Must have passed the required exams related to insolvency practice.
  3. Must have a license issued by the appropriate regulatory authority, such as the Corporate Affairs Commission (CAC).
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