BRIPAN pledges to support insolvent businesses

Amid the economic challenges facing businesses in the country, the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), has pledged to regenerate the growth of businesses.

According to the firm, many businesses are facing unprecedented hurdles that can threaten their sustainability, growth and assistance as many have gone out of business.

Speaking ahead of its 10th yearly conference with the theme, “restructuring and insolvency in times of economic challenges”, BRIPAN vice president Albert Folorunsho, stated that the group through its conference will offer the opportunity for the insolvency practitioners to retool and deliver across board.

Folorunsho, who is also the chairman, conference planning committee, said: “In the light of the current challenging climate, it may seem counterintuitive to discuss insolvency and restructuring as potential tools for business regeneration and growth.

“We believe that understanding and strategically leveraging on the tools of insolvency and restructuring can lead to significant opportunities for businesses, as insolvency allows underperforming businesses to restructure in many aspects of their businesses.”

Speaking about the expectations from the conference, he stated that bankers who give loans will have to understand the provisions of CAMA.

“Instead of just shutting down businesses, they can engage with BRIPAN members to help in resuscitating those institutions.

“The institutions that are involved in managing businesses and other companies like the Corporate Affairs Commission (CAC), Security and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), will also be familiar with entities that can support the survival of businesses.

“And that is why we are always involved in liaising with them. We train them on what BRIPAN is supposed to do,” Folorunsho said.

BRIPAN general secretary, Efosa Ewere added that the conference will be a very good forum for everyone to share their ideas.

“People also have an opportunity to ask questions that are particular to them and their businesses and understand how the insolvency process works. We don’t want businesses to die,” she stated.

The conference scheduled for September 26 and 27, 2024 at the Muson Centre, Onikan will have speakers such as the keynote speaker, the Registrar General and CEO of the CAC, Hussaini Ishaq Magaji (SAN); Ifeanyi Okoye, Bidemi Olumide, Folasade Olusanya, Mr. Babatunde Ogala (SAN), and Justice Daniel Osiagor, among others who will speak on various topics.

New members will be inducted during the conference.