KPMG in the Cayman Islands and British Virgin Islands sells Restructuring practices to Teneo
January 5, 2022
KPMG in the Cayman Islands and British Virgin Islands sells Restructuring practices
KPMG in the Cayman Islands and British Virgin Islands has today announced that it has completed the sale to Teneo of its Restructuring practices in the Cayman Islands and British Virgin Islands.
The decision to sell the businesses was driven by significant changes in the Insolvency and Restructuring markets in the Cayman Islands and British Virgin Islands over recent years. The increasing number of stakeholders in distressed situations has made the navigation of conflicts of interest ever more complex for Big 4 firms like KPMG. As it is expected that this will only intensify in the future, and as such developments limit the ability to grow these businesses in the Cayman Islands and British Virgin Islands, the decision to commence a sale process was taken earlier last year.
This is the best possible outcome for both KPMG and the restructuring businesses in the Cayman Islands and British Virgin Islands. The sale of these businesses enables us to accelerate our program of investment in audit, tax and other advisory services, including KPMG IMPACT. At the same time, it will allow the team at Teneo to serve a broader client base and explore new market opportunities.
KPMG in the Cayman Islands
The sale sees a well-established team of over 25 professionals transfer to Teneo. In addition, the Restructuring practices’ related services, including e-Discovery, have transferred to Teneo.
Throughout this process, our key priority has been to ensure the stability and future success of the Restructuring businesses and its talented people. This deal offers an exciting opportunity for Teneo and we wish them every success in the future.
Head of Markets
KPMG in the Cayman Islands
The sale is specific to KPMG in the Cayman Islands and British Virgin Islands and does not affect the KPMG Insolvency and Restructuring businesses in other jurisdictions.
About KPMG in the Cayman Islands and KPMG in the British Virgin Islands
KPMG in the Cayman Islands, a Cayman Islands partnership, is one of the leading professional services firms in Grand Cayman, with 24 partners and over 350 employees from more than 30 countries delivering audit, tax and advisory services to clients worldwide.
KPMG (BVI) Limited, a British Virgin Islands company limited by shares has an office in the British Virgin Islands, which is a licensed practice to KPMG in the Cayman Islands with approximately 20 employees delivering audit, tax and advisory services to clients worldwide.
About KPMG International
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
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