BRIPASL was formed through the efforts of several leading professionals in the fields of accountancy, law, banking, secretarial and other disciplines in order to play a leadership role in connection with, and
in relation to, corporate turnarounds and insolvencies in Sri Lanka. BRIPASL’s other objects are:

• To encourage restructuring of sick industries and other business establishments.
• To promote mutual exchanges of opinions and information by professionals who are engaged in research and practice in the field of insolvency and/or business recovery.
• To provide a forum for professionals engaged in business recovery and insolvency practice to exchange views.
• To promote law reforms in effective business recovery measures and insolvency.
• To promote international cooperation with respect to insolvency and/ or business recovery and related matters.

Who can be members of BRIPASL?
Finance and analyst professionals, legal professionals, banking professionals, chartered secretaries and senior professionals attached to financial and lending institutions. The Constitution provides for membership as follows:

Regular members: Any specified professional association can be enrolled as a regular member of the association if the application made by the person is approved by the Council and on payment of the membership fees for the year of enrolment

Institutional members: A corporate body or association or partnership firm who can contribute to the activities of the association in the field of development research or practice of business recovery or insolvency, could be admitted as an institutional member.

What has BRIPASL done so far?

• Obtained membership of INSOL International which works with the United Nations Commission of International Trade Law, the World Bank and the International Money Fund. In 2000, INSOL published the Statement of Principles for a global approach to multi-creditor work outs, which has become one of the most important contributions to restructuring businesses.
• Conducted the Colombo Conclave Conference in February 2004 very successfully which was jointly organized with INSOL India.
• Draft an amendment to the Companies Act by way of a new Chapter on Rehabilitation and Revival of Companies and submitted to the Govt. Authorities and it is under consideration by them.