The duties of a receiver/manager in Nigeria and Ghana

✍ Scribed by E. S. Nwauche

• Publisher: John Wiley and Sons
• Year: 2005
• Tongue: English
• Weight: 207 KB
• Volume: 14
• Category: Article
• ISSN: 1180-0518
• DOI: 10.1002/iir.127

✦ Synopsis

Abstract

This paper critically examines the duties of receiver/managers in Nigeria and Ghana with a view to determining their adequacy or otherwise. The paper distinguishes between a receiver/manager appointed pursuant to ownership or management dispute and a receiver/manager appointed pursuant to the realization of security. With respect to the former the paper concludes that the persons appointed thereby are better described as managers and suggests a more detailed elaboration of their duties. To determine the duties of receiver/managers appointed to realize security the paper examines the meaning of the receiver/managers; the capacity to be appointed to that office and the duties of a receiver/manager appointed by the court as well as those appointed out of court by the security holders. The paper also considers the consequences of a breach of duty and concludes that the law on receivership is largely the same in Nigeria and Ghana even though there is more litigation in Nigeria. Furthermore the paper suggests the importance of appointing professionals as receiver/managers; the need for the clarity of rules to enable the receiver/managers effectively discharge their duties to enable an assessment of the adequacy of the duties. In this regard the paper recommends a comprehensive reform of insolvency law in Nigeria and Ghana. Copyright © 2005 John Wiley & Sons, Ltd.