We are delighted to have jointly represented The Tourist Company of Nigeria (TCN) in successfully obtaining a landmark ruling delivered by the Federal High Court, Lagos Division in favor of our Client enabling a CVA pursuant to Section 434 of the Companies and Allied Matters Act, 2020 which provides for a Company Voluntary Arrangement (CVA) and promotes business rescue and corporate restructuring,
The unprecedented ruling is a big step in the use of CVAs in Nigeria consequent upon the enactment of the Companies and Allied Matters Act 2020.
This success epitomises the leading role and the revolutionary approach of our Insolvency and Corporate Restructuring Practice.
Our Senior Partner, a Fellow of Business Recovery, Mr. Seyi Akinwunmi, led the Firm’s Insolvency and Corporate Restructuring Practice Group in this assignment and was supported by a Senior Associate, Mrs. Ebele Umeche and an Associate, Miss Opeyemi Thomas.