Leonard Curtis opens offshore office in Guernsey
12 Jun 2019
Restructuring specialist Leonard Curtis Business Solutions Group has opened its first offshore office in the Channel Island of Guernsey to provide specialist insolvency services and asset protection
12 Jun 2019
The new operation will be headed by newly appointed offshore corporate advisory and restructuring specialist Matthew Wright, who joins as a director of Leonard Curtis and David Booth, also a director.
Wright has joined the firm with over a decade’s offshore experience gained predominantly in the Cayman Islands where he was a board member of the Cayman Islands chapter of the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL). He has also acted as court appointed liquidator for several Cayman Islands funds and companies, and as liquidating agent, director and manager of a number of illiquid and distressed funds, outside formal insolvency procedures.
The Guernsey office will be staffed by a locally-based, experienced team with a track record of protecting assets and rescuing distressed businesses and funds in an era of unprecedented economic uncertainty and in the wake of a number of high-profile insolvency cases in the island.
The expansion to the Channel Islands will support company owners, stakeholders, fund managers, lawyers and other professional advisers who are doing business with - or housing assets in - Guernsey and Jersey with a local service undertaken from within the jurisdiction.
Wright said: ‘The island is one of the largest and most well-respected offshore financial centres in the world, with a thriving funds industry and modern and innovative legislation.
‘The current value of funds under management and administration in Guernsey is just over £280bn - an increase in net asset value of £1.7bn on the previous year. So, it goes without saying that there is great opportunity for us here as locally-managed rescue, restructuring and refinancing specialists with the support of an 18-strong office network of experts and contacts behind us.
‘We hope that by opening an office in Guernsey, we will provide accountants, lawyers and other financial advisers with a prompt to ask their clients if they have assets here or in the Channel Islands and how they are performing. It is often the case that professionals do not have specialist contacts in offshore territories who can assist them and their clients with what can often be complex matters. This is an area where we can now add value.’
Daniel Booth, director of Leonard Curtis, said: ‘Guernsey provides us with a timely opportunity to provide local specialist services to a growing market. We are also delighted to welcome Matthew, who is such a high calibre addition to our team. We’re already busy and looking to grow the local team here in the island.’
The firm currently has 18 offices and is also a member of the international accounting network, AGN International, and will be the sole AGN member in Guernsey, based at Ann’s Place in St Peter’s Port.