Olujobi Olusola Joshua
Elizade University, Faculty of Law, Department of Public and International Law, Ilara -Mokin, Ondo State, Nigeria.
Heliyon. 2021 Feb 11;7(2):e06123. doi: 10.1016/j.heliyon.2021.e06123. eCollection 2021 Feb.
Insolvency and business recovery laws in Nigeria have not evolved to incorporate reorganisation, reforming insolvent oil firms' operations to boost commercial oil firms' steadiness and economic suitability like other moderately developed countries. In Nigeria, liquidation is understood by many as the panacea to indebtedness. The research evaluates the Nigerian insolvency and business recovery legal regime to sustain indebted oil firms from economic shocks due to the global decline in the oil price to avert imminent business failures due to insufficient cash flows. The aim is to fill the gaps in Nigeria's insolvency and business recovery laws by recommending a model for the sustenance of oil firms and to suggest the reform of the gaps identified in the existing laws and the extant literature on the subject. The paper opted for conceptual legal review, comparative legal and policies analyses of solvency and business recovery legislations in Nigeria, Malaysia, India, South Africa, the United Kingdom and the United States. These nations were designated for this study because their insolvency and business recovery legal regime are business rescued driven, not winding up centred. The study is library research-based to address some of the flaws in Nigeria's insolvency and business recovery laws. The study finds that Nigerian legislation on insolvency is flawed in oil firms' salvage, improvement and rearrangement. It ends that, statutory bodies in the designated case study nations are efficient than those in Nigeria due to the strong political will of their governments in supporting insolvent oil firms for successful financial recovery, to safeguard jobs, to protect creditors and to enhance the wealth of their nations through sound business recovery policies and laws. The study, advocates, remodel of Nigeria's insolvency and business recovery legislations and policies in compliance with the international standards on insolvent oil firms salvaged and creditors focused policies for a robust economy. The study concludes with the recommendation for further study to consider quantitative analysis research methodology to project further scholarship on the subject.
尼日利亚的破产与企业复苏法律尚未发展到纳入重组内容的阶段，即像其他中等发达国家那样对陷入破产的石油公司的运营进行改革，以增强商业石油公司的稳定性和经济适应性。在尼日利亚，许多人将清算视为解决债务问题的万灵药。本研究对尼日利亚的破产与企业复苏法律制度进行评估，以使负债累累的石油公司免受因全球油价下跌而导致的经济冲击，避免因现金流不足而即将出现的企业倒闭。其目的是通过推荐一种维持石油公司运营的模式来填补尼日利亚破产与企业复苏法律的空白，并建议对现行法律及该主题的现有文献中所发现的空白进行改革。本文选择对尼日利亚、马来西亚、印度、南非、英国和美国的偿付能力及企业复苏立法进行概念性法律审查、比较法律及政策分析。之所以选择这些国家进行此项研究，是因为它们的破产与企业复苏法律制度是以企业拯救为导向，而非以清算为核心。该研究基于图书馆研究，以解决尼日利亚破产与企业复苏法律中的一些缺陷。研究发现，尼日利亚关于破产的立法在石油公司的挽救、改善和重组方面存在缺陷。研究得出结论，由于指定案例研究国家的政府具有强烈的政治意愿，支持陷入破产的石油公司实现成功的财务复苏，以保障就业、保护债权人并通过健全的企业复苏政策和法律增强国家财富，因此这些国家的法定机构比尼日利亚的更有效。该研究主张，按照国际上关于拯救陷入破产的石油公司及以债权人为重点的政策标准，重塑尼日利亚的破产与企业复苏立法及政策，以实现经济稳健发展。研究最后建议进一步开展研究，考虑采用定量分析研究方法，以推动该主题的进一步学术研究。
