BANKRUPTCY (AMENDMENT) ACT 1992

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BANKRUPTCY (AMENDMENT) ACT 1992

LAWS OF THE FEDERATION OF NIGERIA

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[Commencement]                       [28^th day of December 1992]      

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The Federal Military Government hereby decrees as follows

 1.    The Bankruptcy Act (in this Decree referred to as “the principal Act”) is hereby amended as set out in this Decree.

2.      Section 1 of the principal Act is amended by inserting immediately after the existing paragraph (c) thereof the following new paragraphs, that is – 

“(d)   if he suspends or gives notice that he is about to suspend payment of his debts to any of his creditors; or

(e)    if under a credit agreement the creditor becomesentitled tofile a bankruptcy petition; or

(f)if, in Nigeria or elsewhere, he makes a conveyance or assignment of his property to a trustee or trustees for the benefit of his creditor generally; or 

(g)     if, in Nigeria or elsewhere, he makes a fraudulent conveyance gift, delivery or transfer of his property or any part thereof, with an intent to defeat or delay the claim of his creditors; or 

(h)     if, in Nigeria or elsewhere, he makes any conveyance or transfer of his property or any part thereof; or created any charge thereon, which would under this or any other Act be void as a fraudulent preference if he were adjudged bankrupt; or

(i)       if, with intent to defeat or delay the claims of his creditors, he departs out of Nigeria, or being out of Nigeria remains out of Nigeria, or departs from his dwelling, or otherwise absents himself, or begins to keep house.”

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