By Rukayat Moisemhe
The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has unveiled plans to intensify public awareness on restructuring and insolvency practices under CAMA 2020.
BRIPAN’s Vice President, Mr Albert Folorunsho, disclosed this on Friday during a news briefing to outline details of its forthcoming annual conference in Lagos.
Folorunsho explained that the association’s commitment to educating businesses, stakeholders and the public on insolvency tools aimed at promoting more successful business recovery cases in Nigeria.
He revealed that the conference, themed ‘Deepening Insolvency Tools for Resolving Commercial and Financial Challenges of Businesses’, will hold from Sept. 25 to Sept. 26 at the Civic Centre.
According to him, BRIPAN has assembled judges, local and international practitioners to share knowledge and support Nigeria’s efforts to address financial and commercial recovery challenges.
He noted that judges were included to enlighten them not only on legal provisions but also on the possibility of company recovery during case reviews.
Folorunsho said that to align with global best practices, a speaker from Singapore — renowned for high recovery rates — has been invited to the conference.
He added that these efforts would strengthen Nigeria’s adoption of alternative dispute resolution methods as they relate to insolvency practices.
“We would be examining market insights, particularly developments in insolvency and the performance of CAMA 2020, which now prioritises business rescue and restructuring,” he said.
He explained that sections 705 and 706 of CAMA 2020 empower BRIPAN to regulate practitioners, noting that membership has exceeded 2,000, with strong conference participation expected.
Folorunsho added that the role of banks in recovery would also be highlighted, addressing credit facilities, non-performing loans and investment opportunities.
He stressed that BRIPAN remains committed to engaging creditors to restructure businesses in ways that ensure long-term sustainability in Nigeria.
“We are also educating financial institutions, not because they lack knowledge, but to reassure them that struggling businesses can indeed recover.
“The objective is to revive enterprises that are nearly moribund, using legal and practical mechanisms available within insolvency practice.
“The conference will further educate practitioners on effective recovery strategies and persuade creditors, especially banks, to grant businesses time for restructuring,” he said.
He added that a dedicated judicial roundtable would allow judges to discuss challenges encountered in handling debt recovery, insolvency and turnaround management cases. (NAN)
Edited by Kamal Tayo Oropo
