The tests for corporate insolvency under the Companies and Allied Matters Act of Nigeria are as follows:
i. A company’s inability to pay a debt exceeding ₦200,000 within three weeks after a demand for payment has been made.
ii. A court’s determination that the company’s liabilities exceed its assets.
iii. A wholly or partially unsatisfied court process issued in respect of a judgment debt, indicating the company cannot pay its debts.