Preparations are in full gear for the 10th edition of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) annual international conference.
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The conference, which is set to take place on September 26 and 27, 2024, at the MUSON Centre, Onikan, Lagos, is themed: “Restructuring and Insolvency in Times of Economic Challenges.”
According to the Vice President of BRIPAN and Chairman Planning Committee for the conference, Mr. Albert Folorunsho, this year’s event is both timely and critical, given the current economic landscape.
Speaking at a press conference, the Chairman emphasized the importance of the conference, which brings together experts, thought leaders, industry practitioners, regulators, judicial officers, and stakeholders for practical discussions on navigating business recovery in challenging economic times.
“With the ongoing economic difficulties, many businesses are facing unprecedented challenges that threaten their sustainability, growth, and survival. Some have even been forced to shut down.
“This is why the role of insolvency practitioners has become vital in helping businesses restructure and find a path back to profitability.”
He noted that insolvency and restructuring, while often seen as last-resort solutions, can in fact offer significant opportunities for businesses to rebound and thrive.
The conference, Mr. Folorunsho said, will feature four key sessions, addressing various aspects of insolvency, restructuring, and how businesses can leverage these tools to navigate the current economic environment.
Some of the speakers slated for the conference are Hon. Justice Ayokunle Faji of the Federal High Court, Mr. Babatunde Ogala (SAN), Mr. Tochukwu Onyiuke, Mr. Babatunde Ogungbamila, Hon. Justice Simon Amobeda, amongst others.
The Chairman said: “The keynote address will be given by the Registrar General and Chief Executive Officer of the Corporate Affairs Commission, Husseini Isa Magaji (SAN).
“The first session on day one will cover global trends in restructuring and insolvency. In terms of economic challenges, global trends under which several other sub-topics that will address that session will be covered.
“The second session is related to industry-specific perspectives, like aviation, construction, and other specific industry narratives relating to insolvency.
“The third session, which will be on day two, will cover the development of insolvency practice and law reform. The session will focus on the ongoing judicial statutory reforms and existing practice in insolvency law, particularly in response to the economic challenges that we are in.
“The fourth session covers effective management of an insolvency process, which will specifically address our experience and young members.
“The solutions proffered at the end of this conference will be put together. We will be issuing a communique that will cover everything that has been discussed, which will be available for the general public, as well as our members and the industry that are more concerned with this insolvency practice.
“The conference will end with a gala night during which new members will be inducted.
“You don’t have to be a member to attend the conference, and it’s something that we know is very applicable to all businesses, particularly those that are struggling with debt management, thinking of merging with another entity, or even struggling with their indebtedness to banks and other lenders. Those solutions will be proffered, and we believe that at the end of the day, the general public and the businesses will be better for it.”
Mr. Folorunsho concluded by reiterating that insolvency and restructuring are essential tools for businesses looking to survive and thrive in tough economic climates.
“Through this conference, we aim to equip practitioners with the knowledge and tools to deliver value and help businesses stay afloat,” said Mr. Folorunsho.
BRIPAN General Secretary, Efosa Ewere, emphasized that the conference is a platform where thought leaders and business owners can engage in meaningful discussions, share ideas, and learn about the insolvency process.
She explained that insolvency no longer signals the end for businesses, thanks to the 2020 Company Allied Matters Act, which provides restructuring options.
“BRIPAN is all about business recovery and insolvency. We are made up of experts that are involved in rescuing companies that are struggling, going into restructuring companies, and those that are looking to come out of indebtedness to banks and other lenders.
“We expect the general public to come on board to attend this event, particularly because we are in times where people are complaining about the health of their businesses.
“So this is a very good forum where every one of us can come in, thought leaders share ideas, and they have an opportunity to ask questions that are particular to them and their businesses, and understand how the insolvency process works.
“Gone are the days where we think that once a business is insolvent, the business is dead. So there are options now with the 2020 Company Allied Matters Act that helps provide opportunity options for restructuring,” Ewere said.
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