The President of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Victor Ihekweazu, has denied insinuation that his group is out to liquidate businesses.
According to him, BRIPAN is not inclined towards liquidating businesses unless it becomes an unavoidable last resort.
Ihekweazu said this shortly after the executive committee of the association, which was led by Mr. Ayodele Akintunde, handed over its leadership to him and the new exco, during their Annual General Meeting, held at Victoria Island, Lagos, where 72 new members were inducted into their ranks bringing their total membership strength to 1330.
Given the current economic climate of the country, the group stands as the voice of professionals involved in business recovery and insolvency, promoting best practices for its members handling financially troubled individuals and businesses.
Ihekweazu said, "We, as insolvency practitioners, do not have business in the business of a company, but our major area of focus is in the training of professionals, credit institutions, and regulators within the legal order. However, we can come to a point where there is a challenge in the business environment. This may be due to indebtedness or bad management processes in the business.
"We believe in exploring all possible avenues for business recovery and insolvency management before resorting to such extreme measures. This commitment to preserving businesses and avoiding liquidation reflects BRIPAN's dedication to promoting sustainable economic growth in Nigeria."
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While assuring the association of the resolutes of the new exco to take it higher, we must all work together to keep the farm fertile so that all stakeholders will benefit and reap fruits from this particular farm," said Ihekweazu, who just assumed the presidency of the association. A lot of positive structures have been laid over the years by our past presidents and past executives, and we must all work together to sustain these results.
Immediate past President BRIPAN, Ayodele Akintunde, urged the new exco to continue to create awareness about the relevance of business rescue and insolvency practitioners to businesses. To him: "Businesses are like people, and they can fall ill. When they fall ill, you want to go and see your doctor, who can then diagnose you and give you a prescription.
"So business rescue experts are important for the economic growth of the country because businesses at times fall sick, and we all know what is happening in the economy now where there is a foreign exchange risk, there is high inflation, people have lost their purchasing power, and this has led to businesses being unable to meet their obligations. Some are even closing down. But you need to be able to do a health check for your business at the appropriate time, and it is only a seasoned practitioners who can help you do this, and that is what we as an association have tried to do," he said.
