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November 19, 2008

Insolvency specialists benefit from downturn

Begbies Global Network (BGN), a multidisciplinary network that specialises in insolvency work, predicts the downturn in the economy will assist its recruitment of new members.

Executive chairman Nick Hood told the International Accounting Bulletin the current economic situation has affected BGN in a more positive way than most.

“It is not overwhelming us with business at the moment but you can see it is going to happen,” he said. “We are also finding it even easier now to recruit because suddenly insolvency is at the front of everybody’s thought process.”

BGN is a global association of independent accounting and law firms working with stressed and distressed businesses and their stakeholders.

In the past two-and-a-half years, BGN has increased from seven to 90 member firms and affiliates in 93 countries. The combined revenue of member firms is about £100 million ($152.2 million), and accounting member firms generate three quarters of this.

BGN member firms offer a range of services to their clients including corporate finance, forensic accounting, asset/people tracing and profiling, corporate intelligence, security/risk analysis and tax advisory services.

Hood said there is currently a high demand for insolvency work.

“Usually, it is the normal run of construction, printing, media, manufacturing, and travel and leisure,” he explained. “Also, alongside financial services right now, the travel sector is a lot busier.”

BGN’s strategy is to focus on expanding its membership worldwide.

“We have two target areas,” Hood explained.

“South America – Argentina, Brazil and in some other major Latin American jurisdictions – and the Middle East – Dubai, Abu Dhabi, Bahrain, Qatar and Egypt.

“There have been visits to these regions in the past month and we have found the first couple of firms we were looking for.”

Recently, the network admitted Canadian firm Farber Financial Group.

BGN has also appointed Birgitte Ovesen as executive director. Ovesen was previously the executive director of operations and company secretary for Morison International.

Nicola Maher

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