Chartered Institute of Restructuring and Insolvency Practitioners Ghana (CIRIP Ghana)

Chartered Institute of Restructuring and Insolvency Practitioners Ghana (CIRIP Ghana)
Chartered Institute of Restructuring and Insolvency Practitioners Ghana (CIRIP Ghana)

The Chartered Institute of Restructuring and Insolvency Practitioners (CIRIP Ghana), formerly the Ghana Association of Restructuring and Insolvency Advisors (GARIA), was established on 8th August 2006 as professional association and became a statutory body under the Chartered Institute of Restructuring and Insolvency Practitioners, Ghana Act, 2024 (Act 1117). With this transition, CIRIP Ghana now functions as a statutory institution committed to promoting excellence in restructuring and insolvency practice, positioning itself as a leader in corporate restructuring, business recovery, and insolvency advisory services in Ghana.

Our Mission and Commitment
CIRIP Ghana is committed to upholding the highest standards of professional practice and ethical conduct within the insolvency profession. Our primary focus is on developing, guiding, directing, and monitoring the practice of insolvency and restructuring, ensuring that practitioners are equipped with the knowledge and skills necessary to excel.

In collaboration with the Insolvency Services Division (ISD) of the Office of the Registrar of Companies (ORC), CIRIP Ghana actively supports the regulatory framework governing the insolvency industry, fostering a robust and dynamic professional environment that enhances corporate recovery and business restructuring in Ghana.

Our Mandate
CIRIP Ghana is responsible for:

  • Supervising the professional growth and maintaining ethical standards of insolvency practitioners.
  • Training and assessing new insolvency practitioners.
  • Maintaining a register of licensed insolvency practitioners to uphold high practice standards.
  • Regularly publishing the Ghana Insolvency and Restructuring Journal.
  • Collaborating with the Insolvency Services Division of the ORC to strengthen regulatory compliance.
  • Promoting continuous professional development for insolvency practitioners.
Membership
Membership in CIRIP Ghana is open to Chartered Accountants, Bankers, and Lawyers. Currently, CIRIP Ghana has 510 registered members. Under the Law, only licenced CIRIP members can act as receivers, managers, administrators, liquidators, receiver-managers, restructuring officers and trustees in bankruptcy.

Our Impact on Business Law Reform
Since its establishment, CIRIP Ghana has played a pivotal role in business law reform in Ghana. Key milestones include:
  • Companies Act, 2019 (Act 992): CIRIP Ghana played a key role in advocating for the passage of this Act, which replaced the Companies Act of 1963.
  • Corporate Insolvency and Restructuring Act, 2020 (Act 1015) (CIRA): CIRIP Ghana spearheaded the passage of this Act, which introduced a structured framework for corporate rescue and insolvency proceedings.
  • Chartered Institute of Restructuring and Insolvency Practitioners, Ghana Act, 2024 (Act 1117): This act converted the erstwhile GARIA as a professional body into a statutory Institute.
Following the passage of these laws, CIRIP Ghana has conducted several sensitization and training programs for insolvency practitioners, corporate leaders, the general public and other stakeholder groups.

The concept and practice of business rescue and cross-border insolvency management have now become part of the legal and institutional framework for businesses in Ghana.
CIRIP Ghana remains committed to promoting corporate recovery, financial restructuring, and business rescue practices, contributing significantly to Ghana’s economic resilience and financial stability.