The Ghana National Association of Insolvency Advisors (GARIA) and Registrar General’s Department have ushered the first batch of insolvency practitioners to help in the administration of businesses, properties and affairs of distressed companies in the country.
The insolvency practitioners who consist of accountants, lawyers and bankers were inducted under the auspices of Minister of Justice and Attorney General, Godfred Yeboah Dame with funding support from the International Finance Corporation (IFC) and World Bank Group.
The insolvency practitioner is a new professional body licensed by the Registrar of Companies with the assistance of GARIA under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015).
The Registrar-General, Jemima Oware, in her address, said the introduction of some business laws have changed the essential supporting structure of their business regulatory.
“As you all know the recent passage of our two critical business laws: the Corporate Insolvency and Restructuring Act (CIRA) 2019 (Act 1015) and the Corporate Amendment and Restructuring Act 2020 (Act 1031) have radically changed our business regulatory framework with the introduction of international best practices that enhances the ease of doing business,” she said.
She noted that, the induction of the insolvency practitioners is as a result of the new Corporate Insolvency and Restructuring Law hence the inductees are the innovators of this new profession. “You represent the first batch of this new profession and so you are all trailblazers in a way,” she noted.
In a statement read by the Deputy Attorney-General, Diana Asonaba Dapaah, on behalf of the Minister of Justice and Attorney-General, she indicated that the initiative of insolvency practitioners has being made to lay emphasis on rescuing enterprises when they become distressed and that the office of the Attorney-General in cooperation with the Registrar of Companies and GARIA will support the success of the new regime.
She also emphasised that, the activities of the inductees should always be professional and according to the code of ethics otherwise aberrant Insolvency Practitioners would be sanctioned by the provisions contained in the CIRA.
She praised GARIA for its efforts and hard work it portrayed as the leader in this domain.
Prior to the induction, the Insolvency Practitioners (IPs) were given a brief training on the new regime including an overview of Corporate Insolvency and Restructuring Act (CIRA) code of ethics, role of IPs and practice management.