The receiver of the 347 collapsed microfinance companies, Eric Nana Nipah says he would complete the assessment of the state of affairs of the institutions withing 10 days. Read:BoG revokes licences of 386 micro-finance and micro-credit institutions A statement issued and signed by Mr. Nipah explained that as part of his duties, he is to recover and maximise asset realisations for the benefit of creditors including mainly depositors of the microfinance companies. He added that, he is also required to distribute realisations in accordance with the relevant provisions of Act 930 of the BoG, to satisfy the indebtedness of the collapsed institutions. The statement explained further that Mr Nipah has commenced the process of taking control over the affected microfinance companies to ascertain the types and values of assets and liabilities of the companies. He also directed all creditors including depositors to submit proof of debt forms with supporting documentation to the Receiver for validation, adding that the process of validating and agreeing creditor claims would take 30 days from the date of the deadline for the submission of creditor claims. Full statement below NOTICE OF REVOCATION OF LICENCES OF INSOLVENT MICROFINANCE COMPANIES AND APPOINTMENT OF RECEIVER The Bank of Ghana (BoG), in accordance with Section 123(2) of Act 930 has appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purposes of winding down the affairs of microfinance companies whose licences were revoked on 31st May 2019. The main duties of the Receiver are:
- to recover and maximise asset realisations for the benefit of Creditors including mainly Depositors and
- distribute realisations in accordance with the relevant provisions of Act 930, to satisfy the indebtedness of these institutions to their body of Creditors, to the extent possible.