Bankruptcy Act, 1979 🇳🇬

Nigeria 2 Citing Cases

Bankruptcy Act, 1979

Commenced on 20 April 1979
[This is the version of this document from 20 April 1979.]
[Note: The original publication document is not available and this content could not be verified.]

An Act to make provisions for declaring as bankrupt any person who can not pay his debts of a specified amount and to disqualify him from holding certain elective and other public offices or from practising any regulated profession (except as an employee).

Part I – Proceedings from act of bankruptcy to discharge

Acts of Bankruptcy

1. Acts of Bankruptcy

A debtor commits an act of bankruptcy in each of the following cases-

(a)if a creditor -

(i)has obtained a final judgment or final order against him for any amount, and execution thereon not having been stayed, has a bankruptcy notice served on him, and

(ii)does not, within fourteen days after service of the notice, comply with the requirements of the notice or satisfy the court that he has a counter-claim, set off or cross demand which equals o…

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