Legal Question in Bankruptcy in Nigeria

All kinds of insolvency processes (bankruptcy, liquidation/winding up, receivership) are designed to legally protect the interests of creditors in various ways. This is the main objective of insolvency laws.

There is some residual protection afforded to debtors though, mainly to allow leave the debtor with some dignity and personal survival (in the case of individuals) and possible continuation of business (in the case of business entities). This protection to debtors is limited and under strict conditions to ensure that the creditor is not short-changed