Revisiting some aspects of the decisions in FMBN V NDIC (1999) 2 NWLR

It is common cause that insolvency law consists of laws that regulate debtors who are unable to pay their debts (Duns Insolvency Law and Policy (2002) 1). It provides the procedures for distributing the assets or proceeds of the assets of a debtor who is unable to pay his debts in favour of his creditors. Unlike other debt collection laws, insolvency law is designed to ensure that the inadequate assets of the debtor are fairly distributed amongst his creditors, hence the saying that insolvency law involves a contest among creditors all of whom are staking claims to an inadequate pie, rather than a contest between debtors and creditors (see Duns supra at 1).