The Business Recovery and Insolvency Practitioners Association of Nigeria says there is a need for the government’s partnership on legal reforms and policy directions to enhance business recovery in the country.

BRIPAN president Chimezie Ihekweazu said this at the association’s 23rd annual general meeting and 20th anniversary and induction ceremony on Thursday night in Lagos.

Mr Ihekweazu said rescuing businesses would attract more government revenues and boost the economy.

He said that insolvency and business recovery were beneficial for micro, small, and medium enterprises (MSMEs) alongside large corporations.

“Businesses fail due to a number of reasons, from management issues and wrong business decisions to poor business ethics, changes in legal and socioeconomic structures, and framework.

“There must be situations where businesses pass through these issues, but it is important to know that there are opportunities within the framework of the law that can rescue these businesses.

“If businesses are rescued, a lot of benefits come with it, including revenues to government, and our economy would reap the fruit of it,” he said.

The BRIPAN president said that, under his leadership in the past year, the association had continued to sustain the excellent efforts of its past leaders in delivering on its core objectives.

He said the achievements included promoting insolvency practice, education, and learning while ensuring effective cooperation and collaboration with other professional bodies.

Mr Ihekweazu also listed the promotion standard practice, performance, and awareness in insolvency practice.

He urged practitioners to continue to practice the profession with good business ethics and standards while maintaining excellent professional values with dignity and respect for one another.

“We have successfully organised six training sessions, equipping more than 530 professionals with advanced skills in insolvency practice, corporate restructuring, and financial recovery strategies.

“These initiatives reflect BRIPAN’s dedication to raising standards, fostering knowledge, and building a robust professional community in insolvency and restructuring,” he said.

Mr Ihekweazu also revealed that the 2025 BRIPAN journal, to be released in the first quarter of 2025, would feature cutting-edge research, expert analyses, and actionable insights into legal and insolvency matters.

He said the publication was designed to be an indispensable resource for professionals, academics, and policymakers, fostering informed discussions and innovative solutions.

(NAN)