At its second cohort induction ceremony in Accra, the Office of the Registrar of Companies (ORC) and the Ghana Association of Restructuring and Insolvency Advisors (GARIA) enrolled approximately 160 members as newly licensed insolvency practitioners (IPs).
The Bank of Ghana and the Attorney General's Department were also partners in the induction ceremony, which was held as part of ORC and GARIA's primary goal of offering a platform for professionals working in company recovery and insolvency practice. The additional cohort raises the total IPs to over 270.
Sophia Akuffo, a former chief justice who presided over the induction event, praised the entrants for their tenacity and effort in achieving their goal. She also counseled professionals to uphold moral principles and values since these are the cornerstones of achievement in their specialized domains. She stressed that as effective institutions are founded on deeply ingrained value systems, the character of the insolvency practitioner matters to the stakeholders they represent.
She said, "Your profession is positioned at the heart of our economy; you must speak out and be heard on problems relating to the economy, company rescue, and the effectiveness of insolvency practice."
In remarks delivered on his behalf by his deputy, Hon. Alfred Tuah-Yeboah, the Minister for Justice and Attorney General, Hon. Godfred Yeboah Dame, encouraged licensed insolvency practitioners (IPs) to prioritize saving distressed businesses, stressing that the hasty closure of businesses with the potential to be revived could harm the expansion of the private sector.
According to him, saving and preserving distressed, viable firms wherever feasible should be the main goal when dealing with troubled businesses, taking into account the impact on employment and other considerations. There is now a need to urge attorneys, accountants, and bankers to take an interest in the restructuring profession, he added. "If a firm may be rescued by restructuring, experienced professionals should make every effort to save it through restructuring," he said.
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.
To improve the effectiveness of the Corporate Insolvency and Restructuring Act's implementation, Registrar of Companies Jemima Oware emphasized the necessity of inter-agency cooperation with the judiciary and across the financial spectrum, including banking, accounting, taxation, insurance, and securities (CIRA).
"It is going to give better flexibility to respond to the local requirements of troubled firms, handle crossover problems, and will clarify and strengthen the function description of each of these agencies," she said, offering her support for training and other activities.
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