THISDAYonline

In a bid to create more awareness about the importance of the practice of insolvency and the relevance of its practitioners in the Nigerian socio-economic setting, the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), recently paid a courtesy call on the Managing Director of Trans International Bank in Ibadan.

The president of the association, Prince Supo Adetona, who led a delegation of four other members , said their aims, among others, were the improvement of the standards of performance of business liquidators, trustees in bankruptcy and receivers; promotion and development of the insolvency practice in the country as a "distinct area of professional law and accountancy practice" and to maintain high standards of practice and professional practice among persons that are involved in the insolvency business.

Adetona maintained that it was lamentable that despite the fact that insolvency was a common phenomenon in the Nigerian economy, there was still lack of adequate knowledge as to what its practice entails.

"Consequently, the development on insolvency law and practice in Nigeria has been very slow and the level of sophistication has not kept pace with that in many other countries around the world," Adetona stated.

In tracing the history of the practice in the country, Adetona said it had been what it was in the past as a result of the fact that there was nobody to regulate it

He also said there was no- body to coordinate the activities of insolvency practitioners, take the leadership role in insolvency issues and policies and facilitate exchange of information and ideas among members and with other groups affected by the insolvency process.

According to him, this led to the formation of BRIPAN in the first place. He said further that the association was committed to the regulation of insolvency practice in the country adding that advancement of the profession was one of the tasks the association has set for itself.

Speaking on why it is important for an insolvency practitioner to become a member of the association, Adetona said it was to enable the practitioner meet and discuss relevant issues with other leading insolvency practitioners in the country.

He said it also guaranteed access to relevant information as news, education, services and networking, "making it easier to be abreast of current developments in the industry."

He also told their host that BRIPAN would be in a better position to meet with relevant committees in the National Assembly and thereby impact on any legislation that will positively impact on the practice of insolvency in the country and serve the business world, with banks being the fundamental basis of business.

He also noted that the association would create a board where individuals or institutions would lay their reports concerning debt recovery.

Adetona disclosed that there would be seminars and workshops where members would be trained and enlightened.

BRIPAN, formerly known as IPAN (Insolv- ency Practitioners Associa -tion of Nigeria) was incorporated as a company limited by guarantee on 17th June, 1994 under the Companies and Allied Matters Act 1990 and is "positioned to be recognised as the voice of professionals involved on the practice of insolvency and business recovery in the country. Members of the association are registered as members of INSOL International, the federation of insolvency practitioners throughout the world.

In response, the Managing Director of Trans -International Bank, Banji Adigun Osunkunle Esq., appreciated BRIPAN's visit and promised to collaborate with it because of its credit link and training activities.

His words: "We appreciated your coming. we've listened to your objectives and we've seen that you're not against the interest of the bank. I think our bank is one of the banks to benefit from you. its priority is to train its personnel. And that means that we like to collaborate with your association because of the credit link and training".