BRIPAN Seeks Banks' Recognition, Support
By Amarachukwu Ona
The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has called on financial institutions and their regulatory authorities to recognise the activities of the association as being complementary to their activities.
This call was made recently by the out-going president of the association, Prince Adesupo Adetona, at the 2003 Annual General Meeting (AGM) of the association.
"The financial institutions are pivotal to our economy and its monetary policies. Any loss of confidence in the banking system resulting from deficient credit repayment systems would adversely affect their business and the economy," he said.
"It becomes obvious to recognise activities of these financial institutions and their regulatory authorities such as Central Bank of Nigeria (CBN) on the one hand and the state of the economy of the nation on the other hand.
"These institutions would naturally welcome the activities of BRIPAN as incidental and complemetary to their activities", he said.
He, therefore solicited the support of the financial institutions as well as professional firms who work in the sphere of insolvency, debt and business recovery on the BRIPAN Support Group (BSG).
According to him, the aim of the BSG will be to provide financial support to BRIPAN as a sponsorship vehicles for its activities.
"We appeal to banking and financial institutions, professional accounting, legal and insolvency firms and major commercial and industrial companies operating in Nigeria to urgently come to the aid of BSG in every way possible", Adetona stated.
The BSG would provide support to enable BRIPAN carry out projects to organise seminars and workshops on insolvency and business recovery, review relevant insolvency and business recovery laws and conduct surveys and research relevant to the development of insolvency and business recovery laws and practice in Nigeria.
Others include impacting legislative reform in the areas of insolvency, turnaround management, debt and business recovery and develop a body of persons who are skilled in insolvency administration and to promote and carry out the training and education of persons who wish to attain skill and experience in insolvency administration.
In return, he said that BRIPAN would, among other things, provide professional services through its members and also create a pool of professional insolvency practitioners who will operate and be subject to generally accepted ethical code of conduct.
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