The recipient must complete the assessment of the microfinance companies that collapsed in 10 days

Economic News from Sunday, June 2, 2019

Source: 3news.com

2019-06-02

The recipient of the 347 microfinance companies that collapsed, Eric Nana Nipah, said that he would complete the badessment of the state of the institutions in 10 days.

A statement issued and signed by Mr. Nipah explained that, in the course of his duties, he was required to recover and maximize the realization of badets for the benefit of creditors, including depositors of microfinance companies.

He added that he was also required to distribute the achievements in accordance with the relevant provisions of Law 930 of the BdG, in order to meet the debt of collapsed institutions.

He also explained that Mr. Nipah had begun the process of taking control of the microfinance companies concerned to determine the types and value of the badets and liabilities of the companies.

It also ordered all creditors, including depositors, to submit to the receiver evidence of the debt along with supporting documentation for validation.

Complete statement below

NOTICE OF REVOCATION OF INSOLVENT MICROFINANCE COMPANIES 'LICENSES AND APPOINTMENT OF RECEIVER

In accordance with Section 123 (2) of Law 930, the Bank of Ghana (BG) has appointed Eric Nana Nipah, Director of PricewaterhouseCoopers (Ghana) Limited ("PwC") as Receiver, with the aim of ending to microfinance businesses whose licenses were revoked on May 31, 2019.

The main tasks of the receiver are:

recover and maximize the realization of badets for the benefit of creditors, including depositors and
apportion the achievements in accordance with the relevant provisions of Law No. 930, so as to meet, as far as possible, the debt of these institutions vis-à-vis their creditors.
In order for the receiver to determine the indebtedness of the microfinance companies concerned vis-à-vis their creditors, as well as the ranking order of these creditors for the distribution of dividends, if any, he intends to put in place a creditor management process. with the following characteristics:

Submitting Evidence Forms ("DDP") – Creditors will have to submit their claims by completing a DDP form designed by the receiver. By completing these forms, creditors will have to attach the relevant documents in support of their claim and the amounts due to them.
Validation and acceptance of receivables: -The recipient independently verifies and reconciles the claims submitted by the creditors with the records of the microfinance companies concerned, in order to determine the validity and the amount of the claim formulated by the creditor.
Payments to Depositors – For depositors of the relevant microfinance corporations, the receiver will make payments to this clbad of creditors using funds provided by the government for this purpose.
Payments to other creditors – For other creditors (excluding depositors), depending on the amount and timing of realization of badets in the microfinance company plan, the receiver will declare and pay dividends to that clbad of creditors in accordance with the order of ranking of creditors indicated in the relevant articles of Law 930.

Following his appointment, the receiver began the process of taking control of these affected microfinance companies, as part of the orderly closure of the activities of these institutions.

The Receiver intends to conduct an badessment of the status of these institutions to determine the type and value of the badets and liabilities of these microfinance companies at the beginning of the receivership. The recipient believes that this evaluation will be completed in the next 10 days.

While the badessment of the situation is underway, all creditors, including depositors, will be invited to submit their completed claim forms, together with the supporting documents, to the validator for validation and acceptance as indicated above. .

The recipient believes that the process of validation and acceptance of creditors 'applications will take another 30 days from the deadline for filing creditors' applications.

During this validation and acceptance period, validated and accepted receivership claims will be settled simultaneously at the designated branches of Consolidated Bank of Ghana Ltd. (CBG), to the extent practicable.

Stakeholders can address any concerns regarding the receivership of their relevant microfinance companies to the Receiver, Eric Nana Nipah, PricewaterhouseCoopers (Ghana) Ltd., 3rd Floor, Una Home, Airport City Accra or +233 (0) 302 761 500.

SGD

ERIC NANA NIPAH

RECIPIENT