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INTRODUCTION TO LAW
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COMMERCIAL LAW 002 –INSOLVENCY, LABOUR
LAW, ETC
PROF. PC OSODE
, INSOLVENCY LAW -
INTRODUCTION
Pertinent Questions
What is the meaning of INSOLVENCY?
What do you understand as the rationale for
the provision made for the insolvency procedure
under the law?
What is ‘SEQUESTRATION’ and on what
grounds can it be granted?
What are the CONSEQUENCES of insolvency?
What do you understand by the concept of
REHABILITATION in insolvency law?
, LABOUR LAW - INTRODUCTION
Pertinent Questions
What are the duties of employers and
employees?
How would you explain the concept of
‘vicarious liability?
What are the rights and duties of buyers and
sellers under contracts of sale?
What are the rights and duties of lessors and
lessees under contracts of lease?
What remedies are available to buyers?
, INSOLVENCY LAW -
INTRODUCTION
Definitions etc
Insolvency refers to a state of affairs in which a
legal person (individual or juristic) has debts and
liabilities (financial obligations) that EXCEED
her/his/its assets.
This can be mathematically represented as:
LIABILITIES > ASSETS; or
ASSETS < LIABILITIES.
In the real world, such a state of affairs would
naturally be very troubling for those to whom the
said person (the debtor/insolvent) is indebted. WHY?
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