BRIPAN, Federal High Court partner on business insolvency

By Tgnews

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered with the Federal High Court to streamline processes within the insolvency division and enhance the administration of business recovery in the country.

BRIPAN President, Mr Chimezie Ihekweazu, disclosed this in a communiqué made available to the News Agency of Nigeria (NAN) on Saturday in Lagos.

NAN reports that BRIPAN is a professional body involved in business recovery and insolvency, promoting best practices and managing financially distressed individuals and businesses.

Ihekweazu, who is also a Senior Advocate of Nigeria (SAN), said the collaboration aims to simplify insolvency proceedings and processes.

This integration is expected to harmonise record-keeping between both bodies, prevent duplication of proceedings, and expedite hearings

The insolvency division refers to a section within a legal or financial institution that manages the legal processes associated with companies or individuals unable to repay their debts, potentially resulting in liquidation or restructuring.

Ihekweazu stated that the partnership meeting was held with the Head of the newly established Insolvency Division, Mimidoo Abako Esq., and the Deputy Chief Registrar of the Lagos Division, Mr Godwin Long.

He described the initiative as a significant milestone in legal sector collaboration.

Ihekweazu stressed the importance of competent personnel with expertise in various insolvency options to ensure the effective operation of the division.

He proposed the establishment of a dedicated registry to monitor insolvency matters and facilitate close coordination with the Corporate Affairs Commission (CAC).

“This integration is expected to harmonise record-keeping between both bodies, prevent duplication of proceedings, and expedite hearings,” he said.

Ihekweazu also advocated for strong technological support and the decentralisation of the insolvency unit’s operations to ensure consistency across all divisions of the court.

Mr Amala Umeike Esq., a BRIPAN team member and Chairman of the Joint Committee with the CAC for reviewing the Insolvency Regulations 2022, commended the initiative.

Umeike noted that the improved structures would not only streamline insolvency cases at the Federal High Court but also increase revenue generation for the institution.

The Vice President of BRIPAN, Mr Albert Folorunsho, called for the formation of a technical joint committee or consultancy group to oversee the phased implementation of the division.

Mr Godwin Long reaffirmed his team’s commitment and pledged unwavering support for the collaborative effort.

According to him, the meeting marked the beginning of a more efficient and coordinated approach to insolvency matters.

He assured that both BRIPAN and the Federal High Court remained committed to establishing a robust legal framework for the future. (NAN)