Insolvency

WORK EXPERIENCE

INSOLVENCY

Involved in a multi-creditor restructuring work-out of over N20 billion in debts, acting as adviser to the debtor, a member company of a conglomerate specializing in manufacturing aluminum-related products.
Adviser to the Receiver/Manager of Ikorodu Industrial Power Plant Limited (In Receivership) on the receivership process commenced by a bank under a Deed of All Assets Debenture; and also, in the process of resuscitating the power plant as a business rescue option.
Advised on the enforceability of a foreign vessel mortgage in Nigeria, on steps to record such a mortgage and generally on foreign creditors' rights in Nigeria concerning insolvency proceedings.
Advised an oil servicing company in its acquisition of 70 percent stake in another company under the federal government privatization programme. Negotiated, prepared and reviewed the investment agreement and investment implementation aimed at restructuring parties' obligations under the investment agreement as well as sourcing funds for the debt capital funding for the business. Also, acted as Counsel to the major investors when a dispute arose over the investment and the obligations/rights of the parties thereunder and advised and reviewed amicable resolution and renegotiation of the terms of the transaction worth USD 240 million.
Counsel and negotiator for a judgment debtor/appellant in the sum of over N26 billion for an insolvent project finance transaction.
Acted as receiver-manager for Folio Communication Limited the holding company of Daily Times of Nigeria Plc, which company had bought the newspaper under the FGN privatisation programme. The debt was successfully recovered.
Provided legal advice to a Nigerian bank regarding a set-off agreement with the Asset Management Corporation of Nigeria (AMCON), particularly on the options open to the bank regarding clawback on the sale of the eligible bank asset.
Represented bank creditors in Alan Dick West Africa Limited's winding up, which began as a voluntary winding up but later converted to creditors' compulsory winding up and recovery of over N100 million for the bank.
Acted on behalf of the Nigerian Deposit Insurance Corporation (NDIC) and provided expert opinions on various insolvency issues in dispute between the parties involved concerning assets in London of a Nigerian bank under liquidation by NDIC.
Involved in pursuing several creditors' claims against Nigeria Telecommunications Limited (NITEL) and the Nigerian Mobile Telecommunications Company (MTEL) in liquidation.
Involved in the cross-border liquidation of a wholly-owned foreign company registered in Nigeria, tracing funds worth about N2.3 billion to over five jurisdictions.
Advising on several insolvency matters ranging from oil and gas to capital market and personal bankruptcy with cross-border implications.

ANTHONY IDIGBE, SAN

OSGOODE

WORK EXPERIENCE

INSOLVENCY

Involved in a multi-creditor restructuring work-out of over N20 billion in debts, acting as adviser to the debtor, a member company of a conglomerate specializing in manufacturing aluminum-related products.

Adviser to the Receiver/Manager of Ikorodu Industrial Power Plant Limited (In Receivership) on the receivership process commenced by a bank under a Deed of All Assets Debenture; and also, in the process of resuscitating the power plant as a business rescue option.

Advised on the enforceability of a foreign vessel mortgage in Nigeria, on steps to record such a mortgage and generally on foreign creditors' rights in Nigeria concerning insolvency proceedings.

Counsel and negotiator for a judgment debtor/appellant in the sum of over N26 billion for an insolvent project finance transaction.

Acted as receiver-manager for Folio Communication Limited the holding company of Daily Times of Nigeria Plc, which company had bought the newspaper under the FGN privatisation programme. The debt was successfully recovered.

Provided legal advice to a Nigerian bank regarding a set-off agreement with the Asset Management Corporation of Nigeria (AMCON), particularly on the options open to the bank regarding clawback on the sale of the eligible bank asset.

Represented bank creditors in Alan Dick West Africa Limited's winding up, which began as a voluntary winding up but later converted to creditors' compulsory winding up and recovery of over N100 million for the bank.

Acted on behalf of the Nigerian Deposit Insurance Corporation (NDIC) and provided expert opinions on various insolvency issues in dispute between the parties involved concerning assets in London of a Nigerian bank under liquidation by NDIC.

Involved in pursuing several creditors' claims against Nigeria Telecommunications Limited (NITEL) and the Nigerian Mobile Telecommunications Company (MTEL) in liquidation.

Involved in the cross-border liquidation of a wholly-owned foreign company registered in Nigeria, tracing funds worth about N2.3 billion to over five jurisdictions.

Advising on several insolvency matters ranging from oil and gas to capital market and personal bankruptcy with cross-border implications.