Adebola, BA; (2013) Corporate rescue and the Nigerian Insolvency System. Doctoral thesis , UCL (University College London).

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Abstract

Foremost insolvency practitioners are agitating for the reform of the Nigerian corporate insolvency law, and in particular, its rescue system. They seek to transplant the corporate rescue model of either the United States or of England and Wales into the Nigerian insolvency system. On the premise that the present system, as well as the proposed models should be clearly understood before reforms are executed, this thesis examines the three rescue models in focus. Very little is written on the existing Nigerian rescue system. Utilising an analytical and empirical method, the thesis educes a robust and, it argues, representative picture of the Nigerian corporate rescue law and practice. It finds that the Nigerian rescue system comprises an informal and a formal phase. A company is more likely to be rescued at the informal phase, which is being developed by stakeholders to mitigate the substantive and institutional challenges that beset the formal phase. The formal rescue law is inadequate because its regimes are not fit for purpose. The greatest challenge it faces, it is argued, is administrative. Institutional failings have injected the tardiness and uncertainty that now characterise the Nigerian rescue system. The thesis proposes an analytical framework by which the rescue systems of Nigeria, the US and England and Wales, as well as other corporate rescue models, can be examined. From the analysis it presents, prospective reformers can identify the core elements of corporate rescue and how these are administered by their preferred models. They can also observe how these elements are administered by the Nigerian rescue model. It is expected that the robust findings presented in the thesis will contribute considerable value to the on-going insolvency reform debate in Nigeria.

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