Grant Thornton Launches Recovery Practice In Cayman

by Robin Pilgrim, LawAndTax-News.com, London

17 January 2007

Grant Thornton UK LLP has launched a Cayman Islands Recovery and Reorganisation Practice which will focus on both regional and global insolvency and restructuring projects.

The firm says that the increased complexity of national insolvency regulations by local authorities, frequently requiring practitioners to be physically resident, is prompting seasoned professionals to move to where the action is.

The team will be led by Hugh Dickson, a former Andersen insolvency partner, who says: 'The increasing use of offshore jurisdictions for both ownership and financing vehicles is driving the development of specialist local teams. The Cayman Islands is also a major financial centre in its own right. It hosts over 50% of the world's hedge funds, is the second largest offshore captive insurance centre and has over one trillion US dollars on deposit and booked through its 300 registered banks. Having a Recovery and Reorganisation practice here will enhance our service to onshore clients where a Caymanian registered entity plays a critical part in the corporate structure of a distressed entity as well as offering a direct service to the Caymanian financial services industry."

Grant Thornton says that it already has successful offshore practices in Bermuda and Gibraltar and intends to set up teams in those jurisdictions which it expects will feature in future higher-value assignments. The firm says it is seeing an accelerating relevance for Caribbean-related work from both Russia and Asia.

There has been significant growth in Recovery and Reorganisation resources in Grant Thornton International member firms around the world. The launch and rapid growth of the US restructuring and specialist automotive teams was
followed by the recent acquisition of DI Finances, an interim financial manager boutique in France.

Grant Thornton International has member and correspondent firms in 113 countries and territories, of which 50 have been authorised to undertake Recovery and Reorganisation activity to date. Grant Thornton's UK Recovery and Reorganisation has 40 partners and directors and over 300 dedicated professional staff operating nationwide.

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