CAC gives insolvency practitioners deadline for renewal, re-registration

The Corporate Affairs Commission, CAC, has fixed December 1, 2026, arsenic the deadline for the mandatory renewal and re-registration of accreditation for insolvency practitioners successful Nigeria.

The committee warned that practitioners whose accreditation is owed for renewal hazard automatic suspension if they neglect to implicit the process by the deadline.

The directive was contained successful a nationalist announcement issued by the CAC Management, which cited Section 705 of the Companies and Allied Matters Act, CAMA, 2020, and Regulation 1.07 of the Insolvency Regulations, 2022, arsenic the ineligible ground for the exercise.

According to the commission, accreditation for insolvency signifier is valid for 3 years and indispensable beryllium renewed upon expiration.

It stated that practitioners who neglect to renew their accreditation connected oregon earlier December 1, 2026, would beryllium ineligible to undertake caller insolvency assignments oregon proceed existing ones.

The CAC besides directed each accredited insolvency practitioners, including those whose accreditation remains valid, to acquisition re-registration.

The committee explained that the further request was indispensable to enactment its end-to-end automation process...