By: Mabel Adorkor Annang
Over 170 Insolvency Practitioners have been inducted into the profession by the Ghana National Association of Insolvency Advisors (GARIA) and Registrar General’s Department, under the auspices of the Ministry of Justice and Attorney General.
A former Chief Justice, Madam Sophia Akuffo called on the second cohort of practitioners to offer advice to companies in distress on how to identify the restructuring solutions and insolvency procedures when needed.
The recent passage of the Corporate Insolvency and Restructuring Act (CIRA) 2019 (Act 1015) has radically changed the business regulatory framework with the introduction of international best practices that enhances the ease of doing business.
In furtherance of this, 170 insolvency practitioners have been inducted into the profession.
At the induction ceremony, the Registrar General, Madam Jemima Oware said the interagency collaboration with other stakeholders such as the Bank of Ghana and the Securities and Exchange Commission is necessary to promote greater efficiency in the promotion and implementation of the CIRA.
Mrs Jemima Oware called for a continuous education on the newly enacted Corporate Insolvency and Restructuring Act (CIRA) 2019 (Act 1015) to better understand the provisions of CIRA and apply them.
According to her the law is intended to oversee corporate restructuring and insolvency in Ghana.
A Former Chief Justice, Justice Sophia Akuffo called on the inductees to exhibit well rooted value systems in discharging the functions of the office they hold.
Deputy Minister at the Ministry of Justice and Attorney General, Mr. Alfred Tuah-Yeboah, said where a business can be saved by restructuring, every effort must be made by the insolvency practitioners to ensure that purpose is achieved.
The Chief Executive of GARIA, Mr George Fosu said the programme is also to educate businesses across the country to know there are specialized professionals who can assist them in slavaging their distressed companies from collapse.
Prior to the induction, the Insolvency Practitioners (IPs) made up of lawyers, bankers and accountants were trained on the Corporate Insolvency and Restructuring Act (CIRA) code of ethics, role of IPs and practice management.
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