INTRODUCTION TO LAW

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?