ASSET MANAGEMENT CORPORATION OF NIGERIA ACT

Section 51: Special Powers in Bankruptcy Proceedings.

2010Section 51 of 88Federal Republic of Nigeria

(1) Where the Court gives decision against a debtor in a debt recovery action under this Act requiring the debtor to pay any sum to the Corporation and such sum is not liquidated or paid over to the Corporation within 30 days from the date of the order for payment thereof, the Corporation may apply to the Court to issue a receiving order against the debtor.
(2) Subject to subsection (1) of this section, it shall not be necessary for the debtor to commit an 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.
(3) 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.
(4) 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.
(5) A trustee appointed under this Act shall have all the powers of a trustee of an adjudged bankrupt under the Bankruptcy Act and shall perform his duties in accordance with that Act.
(6) An act, thing, directive or permission authorised or required to be done or given by the Committee of Inspection or by the creditors under the Bankruptcy Act may be done or given by the Court on the application of the trustee.
(7) Any person adjudged a bankrupt under this Act shall be 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.

Cite this section

Section 51, ASSET MANAGEMENT CORPORATION OF NIGERIA ACT (2010).

https://repo.podus.ai/laws/asset-management-corporation-of-nigeria-act/section/51/