Section 51: Special Powers in Bankruptcy Proceedings. (amended by Section 18 of the Asset Management Corporation of Nigeria Amendment Act, No. 2, 2019)

(1) Where a debtor fails to comply in full, within 90 days, with a written demand notice issued by the Corporation requiring the debtor to pay a liquidated sum to the Corporation which the Corporation certifies on the face of the demand notice as being owed by the debtor to the Corporation in connection with an eligible bank asset acquired by the Corporation, the Court shall, on the application of the Corporation made by way of originating motion, make a receiving order against the debtor, except where, at the hearing of the application, the debtor proves to the satisfaction of the Court that he does not owe any liquidated sum at all to the Corporation or that he has a counter-claim, set-off or cross- demand which equals or exceeds the liquidated sum owed to the Corporation.
(2) A receiving order made under subsection (1) is deemed to have been, and have full effect and force as a receiving order, made under the Bankruptcy Act.
Cap. B2, LFN, 2004.
(3) Subject to subsection (1), it is not necessary for the debtor to commit any act of bankruptcy or for the Corporation to file a bankruptcy petition or for any of the conditions precedent for the grant of a receiving order specified under the Bankruptcy Act to be satisfied before the Court grants a receiving order against the debtor.
Cap. B2, LFN, 2004.
(4) Notwithstanding the provisions of the Bankruptcy Act, where a receiving order is made against a debtor under this Act, the Court may adjudge the debtor bankrupt.
Cap. B2, LFN, 2004.
(5) Where a debtor is adjudged bankrupt under this Act, the Court may, on the application of the Corporation, appoint the official receiver or authorise the Corporation to assume the office of trustee of the property of the debtor.
(6) A trustee appointed under this Act has all the powers of a trustee of an adjudged bankrupt under the Bankruptcy Act and shall discharge his duties in accordance with that Act.
Cap. B2, LFN, 2004.
(7) An act, thing, directive or permission authorised or required to be done or given by the Committee of Inspection or creditors under the Bankruptcy Act may be done or given by the Court on the application of the trustee.
Cap. B2, LFN, 2004.
(8) Any person adjudged a bankrupt under this Act is deemed adjudged a bankrupt under the Bankruptcy Act which shall have effect with such modifications as are contained in this Act, and a trustee appointed under this Act may seek the directive of the Court in respect of any act or thing to be done by anyone under the Bankruptcy Act.
Cap. B2, LFN, 2004.