Godfred Yeboah Dame, the Attorney General and Minister of Justice have urged licensed insolvency practitioners (IPs) to prioritize salvaging failing enterprises, highlighting how the rapid closure of businesses with the potential to be resurrected might impede the expansion of the private sector.
In a speech, he said that, when dealing with failing enterprises, the main goal should instead be to rescue and maintain troubled viable organizations whenever feasible, taking into account the effect on employment and other considerations.
At the induction ceremony for the second cohort of insolvency practitioners, which was held by the Ghana Association of Restructuring and Insolvency Advisers, the minister's deputy, Alfred Tuah-Yeboah, made some remarks (GARIA).
There is now a need to encourage attorneys, accountants, and bankers to take an interest in the restructuring profession, according to Mr. Yeboah Dame. "If a firm may be salvaged by restructuring, skilled professionals should make every effort to rescue it by restructuring," he stated.
trained professionals
In addition, he voiced his opinion that, given the current state of the world economy and the increasing complexity of the corporate environment, the skills of highly qualified insolvency practitioners would be in great demand.
Although the Bank of Ghana (BoG) operated in a specialized sector, Mr. Amoako stated in a speech on behalf of the Governor that the bank would not hesitate to seek the services of licensed insolvency practitioners if necessary.
"I wish to emphasize that Act 930's particular resolution system for banks and SDIs applies to the resolution of banks and SDIs.
Nonetheless, in the event of any upcoming events, The Bank of Ghana would not be reluctant to call on certified experts of the Ghana Association of Restructuring and Insolvency Advisers (GARIA) ".
Moreover, he exhorted licensed insolvency practitioners to be up of international events due to the growing degree of globalization, which meant that global events can have an impact on local circumstances.
Induction
The Registrar of Companies, Jemima Oware, emphasized the necessity of inter-agency collaboration across the financial spectrum, including banking, accounting, and auditing, at the event that saw the induction of more than 160 members to the institution's roll of licensed intellectual property holders.
To ensure that the Corporate Insolvency and Restructuring Act is applied effectively, the courts should work with the departments of taxation, insurance, and securities (CIRA).
"It will give better power to respond to the local requirements of troubled enterprises, handle crossover issues, and will clarify and strengthen the function and definition of each of these agencies," she said, offering her support for training and other efforts.
The Legal Committee of the Registrar of Companies had asked the consultant for extra work, she said, thus the examination of the CIRA Rules was still underway.
To fulfill its goal, which includes creating an Insolvency Service Division, the ORC will be self-financing.
broadening the focus
The induction event was a part of the association's larger goal to provide IPs with the fundamental core competencies needed to support enterprises and organizations, according to GARIA CEO George Fosu.
He emphasized the need for improvement in the insolvency practitioners' present education and training, notably in the areas of business modeling, company balance sheet restructuring, and strategy.
Furthermore, Mr. Fosu pointed out that the event sought to inform companies all across the nation about the availability of specialized people who might offer aid, particularly in the present difficult economic environment.
The ceremony's chair, former Chief Justice Sophia Akuffo, praised the entrants for their tenacity and effort in achieving this goal.
Moreover, she counselledcounseled practitioners to uphold strong principles and values because these were the cornerstones of success in their particular areas.
She emphasised that since effective institutions were founded on deeply ingrained value systems, the character of an insolvency practitioner was vital to the stakeholders they represented.
108 licensed insolvency practitioners were accepted into the field of insolvency in Ghana last year during GARIA's inaugural induction event.
Almost 270 IPs have already been admitted to the profession by the organization, which works in collaboration with the Attorney General's Department and the Registrar of Companies.
blogpay
Total Comments: 0