Kroll (Cayman) Limited, an affiliate of Kroll Inc., the global risk consulting company, has acquired Ernst & Young’s insolvency and restructuring practice in the British Virgin Islands.
According to Kroll Cayman Managing Director James Cleaver, this acquisition is expected to bring significant commercial advantages due to an evolving regulatory climate and increasing concerns about conflicts of interest.
Kroll Cayman was established in this environment in January 2005 when Cleaver and his partners acquired the insolvency and advisory arm of Ernst & Young Limited in the Cayman Islands, states a press release.
The new firm, to be called Kroll (BVI) Limited, will retain its staff, headed up by William Tacon, the partner previously in charge of the Ernst & Young’s insolvency and corporate restructuring office in the British Virgin Islands.
The British Virgin Islands is one of the leading jurisdictions globally in offshore company formations — more than 700,000 companies are registered — and major leading offshore law firms, including Maples and Calder, Appleby Spurling Hunter, Conyers Dill & Pearman, and Walkers, have offices there.
‘We already know and are comfortable with many of the professionals we will be working with on a daily basis,’ said Kroll Cayman’s Cleaver. Tacon added, ‘The growth in the range and depth of financial and legal expertise available in BVI has been quite remarkable in the last couple of years and more is expected as the territory develops.’
Simon Appell, head of Kroll’s European Corporate Advisory & Restructuring Group, said, ‘We are excited about our entry into the British Virgin Islands. We already have on the ground an experienced, tested staff of professionals who will be working under the Kroll banner, and with the additional resources the Kroll organization can offer its affiliates, we believe that the opportunities in the region are substantial.’
Cleaver added that it was an overriding goal of Kroll Cayman to become ‘the premier insolvency firm in the Caribbean.’
Kroll Inc., the world’s leading risk consulting company, provides a broad range of intelligence, financial, security, and technology services to help clients reduce problems and capitalize on opportunities. Headquartered in New York with offices in more than 65 cities in over 25 countries, Kroll has a multidisciplinary corps of more than 3,900 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies, and individuals. Kroll’s Corporate Advisory & Restructuring Group, which operates as Kroll Ltd. in Europe and Kroll Zolfo Cooper in North America, provides domestic and cross-border restructuring solutions that maximize value for clients facing financial distress.