The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered with the Federal High Court to streamline insolvency division processes to boost the administration of business recovery in the country.
President, BRIPAN, Mr Chimezie Ihekweazu, said this in a communique made available to the News Agency of Nigeria (NAN) yesterday in Lagos.
NAN reports that BRIPAN is a professional body involved in business recovery and insolvency, promoting best practices and handling financially troubled individuals and businesses.
Ihekweazu, also Senior Advocate of Nigeria (SAN), said the collaboration would streamline insolvency proceedings and processes.
Insolvency division is a section within a legal or financial institution that handled the legal process of dealing with companies or individuals unable to pay their debts, potentially leading to liquidation or restructuring.
Ihekweazu said 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 move as a collaborative milestone for the legal sector.
Ihekweazu emphasised the need for strong personnel well-versed in various insolvency options to ensure the division operated smoothly.
He proposed establishing a dedicated registry to monitor insolvency matters and to coordinate closely with the Corporate Affairs Commission (CAC).
“This integration is expected to harmonise record-keeping between the two bodies, prevent duplication in proceedings, and expedite hearings,” he said.
Ihekweazu also called for strong technology support and decentralisation of operations of the insolvency unit to ensure coordinated operations in all divisions of the court.
Mr Amala Umeike Esq., a BRIPAN team member and Chairman of the Joint Committee with CAC for reviewing the Insolvency Regulations 2022, lauded the initiative.
Umeike highlighted that the enhanced structures would not only benefit the Federal High Court by streamlining insolvency cases but also generate additional revenue for the institution.
Also, the Vice President, BRIPAN, Mr Albert Folorunsho, called for the formation of a technical joint committee or consultancy to oversee the division’s phased implementation.
Mr Godwin Long reaffirmed the commitment of his team, pledging unwavering support to the collaborative venture.
According to him, the meeting set the stage for a more efficient and collaborative approach to handling insolvency matters.
He assured that both BRIPAN and the Federal High Court were committed to promoting a robust legal framework for the future.(NAN)
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