The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has called for urgent passage of the Insolvency Bill, which aims to bring much-needed updates on insolvency practice in the country.
The president of BRIPAN, Chimezie Ihekweazu, said this at the association’s event held in Abuja on Thursday.
Insolvency law is the set of rules that helps indebted individuals or businesses find a way to settle what they owe or start fresh.
It provides options like debt restructuring or asset sale to repay creditors fairly and organised.
According to Mr Ihekweazu, Nigeria’s personal insolvency laws are stuck in the past, relying on an old Bankruptcy Act, while corporate insolvency has moved forward with modern reforms.
Mr…
