Lagos: 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.
According to News Agency of Nigeria, 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), stated that the collaboration aims to simplify insolvency proceedings and processes. The insolvency division manages the legal processes associated with companies or individuals unable to repay their debts, potentially resulting in liquidation or restructuring.
Ihekweazu mentioned 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. He also emphasized the importance of competent personnel with expertise in various insolvency options to ensure the effective operation of the division.
To facilitate this, Ihekweazu proposed establishing a dedicated registry to monitor insolvency matters and enable close coordination with the Corporate Affairs Commission (CAC). He stated, “This integration is expected to harmonise record-keeping between both bodies, prevent duplication of proceedings, and expedite hearings.” Furthermore, he 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 improve
d 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.