(CEO BUSINESS TRANSFORMATION CASE PLENARY)
Topic: The CIRA Decoded: the What, the Why, the When and the Way Forward
The new Corporate Insolvency and Restructuring Act,2020 (Act 1015) (CIRA) introduced a new element to the management toolbox in corporate Ghana! The law introduced the concept of the rescue regime to our distressed companies. It builds on current best practice in not only advanced economies but also emerging ones such as Mauritius! It allows for what in UK is described as “Administration”
And in the US as “Chapter 11” which allows for turning around companies which are temporarily distressed but potentially viable.
This vehicle is what modern businesses use to stay afloat and save jobs, restructure, and become viable players in the economy instead of liquidation.
FELIX E. ADDO.
Felix E. Addo is the immediate past Country Senior Partner of PricewaterhouseCoopers Ghana and a former member of the PwC Africa Governance Board. Felix has more than 30 years of practice and consulting experience in corporate finance and recovery, financial, operational and forensic auditing, arbitration and mediation, Capital Projects and Infrastructure (CP&I), organizational restructuring and performance improvement engagements in both developed and developing economies.
Since his retirement from PwC, he is currently the Administrator/Liquidator for the United Steel Company and has developed a portfolio of Board roles in the consumer, financial services, oil and gas and governance sectors. He currently serves on the Board of various organizations including Guinness Ghana Breweries (Chairman), MTN Ghana/Scancom Plc, KEK Insurance Brokers, Payswitch Company, President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA), Member of the University of Ghana Alumni Council, and a Trustee of Achimota Golf Club.
Felix has previously served on Boards of Standard Chartered Bank Plc, Ghana National Petroleum Corporation (Chairman) and American Chamber of Commerce Ghana (Vice President).
Felix was a member of the Professor Justice Date-Bah Business Law Reform Committee of Experts which reviewed the Ghana Companies Act and the Bodies Corporate Insolvency Act.
Felix was recently honored with a D.Sc (h.c) by the University of Mines and Technology, Tarkwa. Felix holds a BSc Hons. (Administration) from the University of Ghana and a MA (Professional Accounting) from Loyola College, Maryland, USA.
His professional certifications/memberships include, American Institute of Certified Public Accountants, Institutes of Chartered Accountants (Ghana and Sierra Leone), International Insolvency Institute (III) and INSOL International.
Felix is a Founding Member of the INSOL International Africa Roundtable (ART).
Ghana CEO Summit, Inspiring Business Leadership and Digital Economic Transformation.
