Lagos: The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has unveiled plans to intensify public awareness on restructuring and insolvency practices under the Companies and Allied Matters Act (CAMA) 2020. BRIPAN’s Vice President, Mr. Albert Folorunsho, disclosed this during a news briefing to outline details of its forthcoming annual conference in Lagos.
According to News Agency of Nigeria, Folorunsho explained that the association is committed to educating businesses, stakeholders, and the public on insolvency tools aimed at promoting more successful business recovery cases in Nigeria. He revealed that the conference, themed ‘Deepening Insolvency Tools for Resolving Commercial and Financial Challenges of Businesses’, will be held from September 25 to September 26 at the Civic Centre.
Folorunsho emphasized that BRIPAN has assembled judges, local and international practitioners to share knowledge and support Nigeria’s efforts to address financial and commercial recovery challenges. He noted that judges were included to enlighten them not only on legal provisions but also on the possibility of company recovery during case reviews.
To align with global best practices, a speaker from Singapore, renowned for high recovery rates, has been invited to the conference. Folorunsho added that these efforts would strengthen Nigeria’s adoption of alternative dispute resolution methods as they relate to insolvency practices.
BRIPAN plans to examine market insights, particularly developments in insolvency and the performance of CAMA 2020, which now prioritizes business rescue and restructuring. Sections 705 and 706 of CAMA 2020 empower BRIPAN to regulate practitioners, noting that membership has exceeded 2,000, with strong conference participation expected.
Folorunsho highlighted that the role of banks in recovery would also be addressed, focusing on credit facilities, non-performing loans, and investment opportunities. He stressed that BRIPAN remains committed to engaging creditors to restructure businesses in ways that ensure long-term sustainability in Nigeria.
The conference aims to revive nearly moribund enterprises using legal and practical mechanisms available within insolvency practice. It will further educate practitioners on effective recovery strategies and persuade creditors, especially banks, to grant businesses time for restructuring.
A dedicated judicial roundtable is also planned, allowing judges to discuss challenges encountered in handling debt recovery, insolvency, and turnaround management cases.