Insolvency

G. Elias & Co. have advised and represented both creditor and debtor parties in several large, complex and high-profile corporate insolvencies. These insolvencies have ranged from those that had significant foreign elements to those that were entirely local, and have included both acrimoniously-contested proceedings and amicable resolutions. We have experience in receiverships, in the management of insolvent debtors and in liquidations (whether by the court or “under the supervision of the court”), and in dealing with the claims of preferred and secured creditors.

Some of our key experiences are as follows:

  • Advising the Asset Management Corporation of Nigeria (Nigeria’s “toxic bank debt” resolution company) on the realization of Seawolf Ltd assets (an owner and operator of drilling rigs) with a debt portfolio of USD400 million).
  • Advising a Nigerian bank on the realization of the assets of Multilinks (an owner and operator of telecommunications spectrum licences and infrastructure) towards recovery of a debt portfolio of about USD65 million. [Our principal partner is also the appointed Receiver of Multilinks].
  • Advising and representing the Asset Management Corporation of Nigeria in contentious litigations in appellate courts on the recovery of a debt portfolio of USD60 million from Afrijet Airlines (an airline owner and operator;) [Our principal partner is also the appointed Receiver of Afrijet].
  • Advised on the liquidation of United Africa Company Registrars Limited.
  • Represented BGL Plc (a leading brokerage firm (against the securities regulator (which revoked its operating licence) and a bank creditor; a debt portfolio of USD30mm).
  • Advising on the liquidation of Free Range Farms after the sale of its assets by a receiver/manager appointed by a secured creditor.

For more information on G. Elias’ insolvency expertise, please contact Gbolahan Elias and Abubakar Anafi.