President of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Chimezie Victor Ihekweazu (SAN), has urged entrepreneurs to seek professional help before their businesses collapse.
Speaking at the association's members' night in Lagos, Ihekweazu said many firms fold up because owners delay seeking help despite visible warning signs such as unpaid salaries, difficulty meeting obligations, and rising overheads.
He explained that insolvency is a gradual process that begins a year or two before total collapse, and with early intervention, businesses can be revived. "We do not want to come in when the business has failed. The moment you notice the early signs, engage experts who can provide support," he advised.
Read also:
BRIPAN, he noted, comprises accountants, lawyers, bankers, and tax practitioners skilled in business recovery under the Companies and Allied Matters Act (CAMA) 2020, which provides mechanisms like administration, voluntary arrangements, receivership, and liquidation.
He added that the association's upcoming conference on September 25–26 will address strategies for tackling financial distress in businesses.
"One failed business has a multiplier effect on the economy. It is important we save as many as possible," Ihekweazu stressed.
No comments:
Post a Comment