Press Room
Grant Thornton UK LLP launches Cayman Islands Recovery
and Reorganisation practice
15 January 2007
Grant Thornton UK LLP has hired Hugh Dickson, a former
Andersen insolvency partner, to head a new team based in Grand
Cayman. Hugh joins Grant Thornton UK LLP after heading a private
firm specialising in corporate and financial sector restructuring.
Initially based in the UK with Andersen, Hugh has worked around the
globe on a number of multi billion dollar assignments, including
clients based in the US, Turkey, South Africa, Hong Kong and South
East Asia.
"This is an exciting opportunity to launch an insolvency and
forensic operation in the Cayman Islands, to focus on both regional
and global insolvency and restructuring projects. The increasing
use of offshore jurisdictions for both ownership and financing
vehicles is driving the development of specialist local teams"
explained Hugh. "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."
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.
Mark Byers, partner in Grant Thornton UK LLP with
responsibility for the development of global Recovery and
Reorganisation services, explains that the recruitment of Hugh is
by no means a one-off. "We already have successful offshore
practices in Bermuda and Gibraltar and intend to set up teams in
those jurisdictions which we expect will feature in future
higher-value assignments. Work may still originate in the major
centres such as London and New York but delivery may require a
coordinated approach across many borders with strong input from
local professionals. We are seeing an accelerating relevance for
Caribbean-related work from both Russia and Asia. We expect to
announce further investment into offshore operations in the coming
months."
As previously reported, 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.