Shay Bannon, who heads up relationships with the major clearing banks in his current role, will take up the position from April.

BDO is forecasting business failures will reach a five-year high in 2008 as the credit crunch kicks in.

Bannon told Accountancy Age he was planning ‘more of the same’ in BDO’s strategy on restructuring, seeing the emphasis remaining on advisory and debt restructuring services.

Commenting on the elevation of his predecessor, Simon Michaels, to managing partner, Bannon suggested recovery experts have the leadership skills such jobs require.