The Ghana Association of Restructuring and Insolvency Advisors (GARIA) - Ghana

The Ghana Association of Restructuring and Insolvency Advisors (GARIA) - Ghana
The Ghana Association of Restructuring and Insolvency Advisors (GARIA) - Ghana

President: Felix Addo GARIA is an association of professionals with an interest in restructuring and insolvency, established to play a leadership role in corporate restructuring, business recovery and insolvency advisory in Ghana. GARIA was incorporated on 8th August 2006 as a company limited by guarantee under the Companies' Act 1963 (Act 179). GARIA's goals are: • To encourage restructuring of distressed entities including state- owned enterprises and other business establishments; • To promote and play a thought leadership role in connection with, and in relation to business turnarounds and insolvencies; • To promote law reforms in effective business recovery measures and insolvency; • To provide a forum for practitioners engaged in business recovery and insolvency practice; and • To promote international cooperation with respect to insolvency or business recovery and related cross border matters. Membership of GARIA is open to Chartered Accountants, Bankers, Lawyers and Business Executives/Business Chambers with an interest in restructuring and insolvency. Since its inception, GARIA has made its mark in several areas including business law reform in Ghana. In 2018, GARIA's focus, in addition to implementing its 5-year Strategic Plan, was advocacy for the passage of the Corporate Insolvency Bill and the Companies Bill, as well as capacity building of its membership. On August 2, 2019, the President of the Republic of Ghana assented to the New Companies Act (Act 992) which replaced the Companies Act of 1963. This New Companies Act was championed by GARIA. Also in April this year the Corporate Restructuring and Insolvency Act, 2020 (Act 1015), also championed by GARIA, was passed by Parliament. Since the passage of the two Bills into law, GARIA has undertaken a series of sensitization and training exercises for practitioners and other professionals, company representatives and the general public. The Corporate Restructuring and Insolvency Act, 2020 mandates GARIA to assist the Registrar General to license Insolvency Practitioners. The Act also mandates the Attorney General to ensure that GARIA is established under an Act of Parliament within 2 years of its coming into force. The Bank of Ghana in 2019, accredited GARIA to undertake Corporate Governance Training for Banks and Financial Institutions in Ghana.