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 across the country.
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BRIPAN President, Mr. Chimezie Ihekweazu, SAN, disclosed this in a communiqué issued on Saturday in Lagos.
BRIPAN is a professional body dedicated to promoting best practices in business recovery and insolvency, particularly in managing financially distressed individuals and companies.
According to Ihekweazu, the collaboration aims to simplify insolvency proceedings and create more efficient processes. The insolvency division is responsible for handling legal matters related to companies or individuals unable to repay their debts, which may result in liquidation or restructuring.
He revealed that a 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.
Describing the initiative as a significant milestone for the legal sector, Ihekweazu stressed the need for competent personnel with expertise in various insolvency options to ensure the division’s effective operation.
He proposed the establishment of a dedicated registry to monitor insolvency matters and facilitate closer 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 maintain consistency across all court divisions.
Mr. Amala Umeike, a BRIPAN team member and Chairman of the Joint Committee with the CAC for reviewing the Insolvency Regulations 2022, praised the initiative. Umeike noted that the improved structures would not only streamline insolvency cases at the Federal High Court but also boost revenue generation for the institution.
BRIPAN Vice President, Mr. Albert Folorunsho, called for the formation of a technical joint committee or consultancy group to oversee the phased implementation of the division’s operations.
On his part, Mr. Godwin Long reaffirmed the Federal High Court’s commitment to the collaboration, pledging unwavering support.
He said the meeting marked the beginning of a more efficient and coordinated approach to insolvency matters, adding that both BRIPAN and the Federal High Court are committed to establishing a robust legal framework for the future.
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