BRIPASL launched

The inaugural meeting of the BRIPASL was held recently at the Institute of Chartered Accountants of Sri Lanka. At this meeting, the Constitution was formally adopted by the founding members, and the first Council was elected.

Immediately after the inaugural meeting, a special public meeting was held. At which meeting the Chief Guest, Ravi Karunanayake, Minister of Commerce and Consumer Affairs, stated that the Government would keenly support the efforts of BRIPASL. He also pledged his Ministry’s unstinted support and commitment to the organization. Sumant Batra, Council Member of INSOL International, explained the role of INSOL International which is the International Federation of Business Recovery and Insolvency Institutions, worldwide. He congratulated the initiative taken by Ajith Nivard Cabraal to form this Association in Sri Lanka and stated that INSOL International is looking forward to welcoming the Sri Lankan Association to the World Federation, soon.

Ajith Nivard Cabraal in his address, explained the objects of the Association and the need to set up such an Association in Sri Lanka. He stated that the objectives of the Association were to play a leadership role in Business Recovery and Insolvency connected issues in Sri Lanka; encourage re-structuring of sick industries; promote mutual exchange of opinions and information; provide a forum for professionals; and to promote law reforms. Cabraal also explained that there would be three categories of members, namely Regular Members who would be existing members of the Bar Association of Sri Lanka, the Institute of Chartered Accountants of Sri Lanka, the Chartered Institute of Management Accountants - SL Division, the Institute of Chartered Secretaries & Administrators of Sri Lanka, and the Association of Professional Bankers of Sri Lanka. Further, he said that the Council would have the power to admit persons of other Professions as approved by the Council, as well as persons who can, in the view of the Council, contribute effectively to the objects of the Association. Membership would also be open for Institutional Members, while the Council would have the power to invite persons to be Honorary Members. Harsha Cabral Attorney-at-Law, proposed the vote of thanks at the conclusion of the meeting.