The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has called on the government to reform insolvency laws.
It said since some companies are growing and having assets outside the country, it is imperative for the government to take steps to reform the laws.
Its President, Anthony Idigbe, said the laws that have been in operation have are outdated, they needed reformation.
He spoke during the body’s first international workshop in Lagos, which has as theme Insolvency law and economic development in emerging economies.
He said the group is working towards providing standard business rescue insolvency framework, as well as setting-up statutory regulations for the profession which includes standards of practice, rights and restrictions, adding that the body is trying to draw attention to the challenges of insolvency in the country as well as the need to improve on its knowledge.
“We are working towards harnessing the country’s economy by bringing in experts from abroad to talk to us about topical issues and also to draw the attention of the public and the government on the need to reform the laws,” he added.
The guest speaker, Steve Kargman, said one of the critical ingredients in any insolvency system is to have a judiciary that would deal with issues directly with companies in an efficient manner, stressing that it is important to put the laws in place so that they could be effectively implemented.
‘Reform insolvency laws’