bRipan.org offers services in business recovery and insolvcency practice.
BUSINESS RECOVERY & INSOLVENCY PRACTICE IN NIGERIA
Insolvency practitioners can find themselves running businesses, constructing and negotiating deals or investigating and advising on the viability of a business and its restructuring (and, sometimes, the integrity of its directors).
The work of the insolvency practitioner affects the lives, prospects and livelihoods of both creditors and debtors.
Insolvency work is as much about people as it is about figures. Insolvency practitioners need the skills to deal with creditors, anxious directors, concerned employees and a range of other stakeholders in the business.
The insolvency scene is always changing. In particular, the attitudes of banks and other creditors mean that, more than ever, insolvency practitioners are business rescuers be they companies or individuals.
Whilst much of the work done by the profession involves formal insolvency procedures, increasingly insolvency practitioners are using their skills to restructure and rescue business without recourse to formal insolvency procedures.
Where an insolvency practitioner is appointed in a formal insolvency, the most common procedures are administrations, liquidations of companies by a variety of routes and for individuals, either Individual Voluntary arrangements (IVAs) or bankruptcies.
In the current environment, with personal debt at record levels, it is vitally important individuals get the correct advice about the options open to them to resolve their difficulties. As licensed insolvency practitioners are trained in all aspects of the law and procedure, they are best placed to provide that advice and only they can act as supervisors of individual voluntary arrangements or as trustees in bankruptcies.
The profession has been able to rescue increasing numbers of jobs and businesses in recent years, both because of legislative changes and the changing attitudes of creditors. Overall, some 20 per cent of insolvent businesses are rescued in part or as a whole and one in every six insolvent individuals enters a voluntary arrangement as an alternative to bankruptcy.
Introducing Business Recovery & Insolvency Practitioners Association of Nigeria (BRIPAN) No matter how your business ends up distressed, BRIPAN can help make the best of the situation at hand. This may mean restructuring a business to sell or help it trade out of difficulty, or winding it up as quickly as possible in order to minimise further losses. It's our job to ensure that the right approach is adopted and the best outcomes achieved for the benefit of secured and unsecured creditors and stakeholders.
BRIPAN offers a comprehensive range of business recovery and insolvency related services in the following areas:
• Formal corporate & personal insolvency services
• Business recovery & turnaround
• Associated services to assist you
• It is important that the framework we operate in minimizes loss, ensures assets are returned to the marketplace and provides a process to end the spiral of debt.
• As recovery and insolvency specialists our goal is to rescue the situation and avoid formal proceedings. We believe it is better to turn a situation around, as financial reconstruction minimizes loss - both financial and emotional.
• Brings a number of benefits including high-quality technical advice and a well established calendar of discounts for members is available and attendance at BRIPAN courses.
• BRIPAN membership is also a route to a network of peers across the business community and provides opportunities to take part in discussions of importance for the profession. Meetings and social events also bring members together.
• Membership of BRIPAN also brings marketing support and a communications platform for the profession.
Becoming a Licensed Insolvency Practitioner • BRIPAN provides more than just a unified and influential voice for insolvency professionals; it also plays a major role in constantly improving already high standards of insolvency and business rescue expertise. • It is becoming a vital forum for anyone who needs to network with the insolvency profession, either at a national level or within their own business community. Increasingly, BRIPAN is being seen as an effective lobbyist on behalf of the profession with both Government and the media • Facilitate an exchange of views and opinions on, to promote a better understanding of, and to inform public and professional opinion on, the subject of business rescue, insolvency administration and connected problems.
Membership criteria Membership is available through a number of routes; members can be accountants, estate valuers, lawyers or bankers with not less than 5 years post qualification experience.
Members of BRIPAN are registered as members of INSOL International which is a federation of Insolvency practitioners throughout the world.
Membership
Membership of BRIPAN is on an individual basis.
Membership categories are as follows: Fellows BRIPAN members who have had five years of membership. Associates Individual members who work substantially within the business recovery sector.
Objectives of BRIPAN These are to: • Represent the insolvency and business rescue profession; to the government, the media and the public at large; • Advance the theory and practice of insolvency administration and business rescue; • Promote high standards of practice and professional conduct of insolvency practitioners; • Recruit a body of persons who are skilled and experienced in insolvency administration and to train those who wish to attain skill and experience in this area;
For further information including details of membership and opportunities for sponsorship of BRIPAN organized events, courses and publications, please contact the Secretariat: C/o The General Secretary Speedway House, 2nd Floor, 21, Araromi Street, Onikan, Lagos P.O.Box 53135 Falomo, Ikoyi, Lagos Tel: +2347095231879 Email: bimleah2001@yahoo.com, info@bripan.org Website: www.bripan.org
