Section 65: Special powers in bankruptcy.

(1) Where an obligor fails to comply in full within 90 days with a written demand notice issued by the Corporation requiring the obligor to pay a liquidated sum to the Corporation which the Corporation certifies on the face of the demand as being owed by the obligor to a failed financial institution, the Court shall, on the application of the Corporation made by originating motion, make a receiving order against the obligor except where at the hearing of the application the obligor proves to the satisfaction of the court that he does not owe any liquidated sum at all to the failed insured institution or that he has a counter-claim, set-off, or cross-demand which equals or exceeds the liquidated sum owed to the failed insured institution.
(2) A receiving order made under subsection (1) is deemed to have been, and shall have effect as a receiving order, made under the Bankruptcy Act; [Cap B2 LFN 2004]
(3) For the purpose of subsection (1), it shall not be necessary for the obligor 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 shall grant the receiving order against the obligor;
(4) Notwithstanding the provisions of the Bankruptcy Act, where a receiving order is made against an obligor under this Act, the court may adjudge the obligor bankrupt.
(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 obligor.
(6) A trustee appointed under this Act shall have all the powers of a trustee of an adjudged bankrupt under the Bankruptcy Act and shall discharge his duties in accordance with that Act.
(7) Any act, 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.
(8) Any obligor adjudged bankrupt under this Act shall be deemed to have been adjudged bankrupt under the Bankruptcy Act which shall have effect, with such modification as contained in this Act and the trustee appointed shall have power to seek the directive of the court in respect of anything or act to be done under the Bankruptcy Act.