October 28, 2024
Parliament has established the Chartered Institute of Restructuring and Insolvency Practitioners, Ghana (CIRIP Ghana). This follows the enactment of the Chartered Institute of Restructuring and Insolvency Practitioners, Ghana Act, 2024 (Act 1117) (the Act), which came into force on 26 July 2024.
CIRIP Ghana will serve as the professional body responsible for, among others, promoting the study of insolvency, training of insolvency practitioners and certification of persons qualified to practice as insolvency practitioners. The establishment of CIRIP Ghana marks a significant transition from the role of the Ghana Association of Restructuring and Insolvency Advisors (GARIA), which assisted the Office of the Registrar of Companies on the training and licensing of insolvency practitioners. The establishment of CIRIP Ghana fulfils the requirement under section 171(1) of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), which mandated the Minister to take steps to establish GARIA as a statutory body. With the enactment of the Act, GARIA has been dissolved, and all its rights, assets, liabilities, employees, and members have been transferred to CIRIP Ghana.
To practice as an insolvency practitioner in Ghana, individuals must now be qualified and registered as full members of CIRIP Ghana and obtain a license to engage in the practice of insolvency from the Office of the Registrar of Companies.
CIRIP Ghana is expected to play a vital role in fostering a rescue culture for businesses, enhancing public confidence in the insolvency process and maintaining the integrity and professionalism of insolvency practice in Ghana.
