Mid-tier accountancy practice Grant Thornton has launched a new Cayman Islands Recovery and Reorganisation practice, Accountancy Magazine reports.
The new team will be headed by Hugh Dickson, formerly of Andersen, who said that the growth of specialist local teams is being driven by the increasing popularity of offshore jurisdictions.
Grant Thornton's recovery and reorganisation teams are "dedicated to preserving value in businesses". The firm recognises that there is a growing 'rescue culture' in economies around the world and more willingness by stakeholders to give firms in trouble the chance to regroup.
Teams work with managers and stakeholders to stabilise businesses by assessing financial needs and providing solutions.
However, the growing complexity of national insolvency regulations is requiring more and more practitioners to be physically resident.
Mark Byers of Grant Thornton told Accountancy: "We already have successful offshore practices in Bermuda and Gibraltar and intend to set up teams in those jurisdictions, which we expect to feature in future higher-value assignments."
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