PricewaterhouseCoopers opened an office in the British Virgin Islands office recently as part of a joint venture between PwC’s East Caribbean and Cayman Islands partnerships.
The company said it viewed the BVI as an important emerging offshore jurisdiction and that the joint venture signalled PwC’s return to the important BVI market.
The joint venture will initially focus on PwC’s advisory services – investigations, forensic accounting, insolvency, restructuring, solvent wind up of companies, schemes of arrangement and business continuity.
The PwC East Caribbean Partnership will, however, continue to provide other advisory services to government and select domestic clients from Barbados.
PwC Cayman’s Senior Partner Nick Freeland explained that the company’s global client base will benefit from the firm’s long-term presence in the BVI.
‘PwC is here to stay,’ he said. ‘The BVI market is evolving and there is an increasing demand for experts that can effectively manage critical and complex business issues and crises. That is exactly what our advisory practice will offer.’
Christopher Sambrano, PwC’s head of advisory services for the Eastern Caribbean based in Barbados, echoed Mr. Freeland’s comments:
‘When it comes to resolving issues like shareholder disputes, insolvency or restructuring, our crisis management teams are second to none,’ he said. ‘Our clients with interests in the BVI need us and the support of our global network – we’re in this for the long haul.’
Heading up the new office is BVI resident and Australian native, Nick Carter – an insolvency specialist with over 22 years of professional experience.
‘He’s the best person for the job,’ explained David Walker, PwC Cayman advisory partner. ‘Nick Carter’s track record is impressive. He’s been involved in many assignments across the globe and in multiple industries. As a BVI resident and licensed insolvency practitioner, he’s exactly what the new office needs to get off the ground.’
‘I’m honoured,’ said Nick Carter. ‘I have tremendous support from the East Caribbean and Cayman partnerships, as well as from the global firm. We’re all very confident in the long-term success of this new venture.’
Mr. Carter’s track record includes assignments on receiverships, liquidations, bankruptcies, cross-border restructuring and shareholder disputes.