Dan Schwarzmann likes to claim he has
had a dull day’ working in accountancy, and his appointment as one of the
Lehman Brothers administrators will certainly mean life will not be quiet over
the next few months at least.
Will Schwarzmann be fazed by the enormity of what confronts him? It’s
difficult to tell.
A financial services expert, Schwarzmann’s highest profile job was probably
the Independent Insurance liquidation.
The £1bn insurer collapsed in 2001. Former directors of Independent were
imprisoned for fraud last year, and auditor KPMG rapped for its work by the
Joint Disciplinary Scheme. Schwarzmann carried out the work with Mark Batten.
Schwarzmann joined the firm in 1990, becoming a partner in 1998 and head of
the business recovery service practice in July 2008.
He has specialised in restructuring for insurers as well as other companies
with long-tail liabilities, and led the restructuring of Cape plc.
On the Lehmans deal he may prove to be the expert in unraveling the complex
financial web of derivatives. His previous experience includes being
to Exeter Fund Managers, which sold split capital investment trusts.
The experience of handling splits, complex investment schemes which were in
many instances mis-sold to investors, may give him some small insight into the
instruments Lehmans was involved in.
‘You can’t predict where you’re going to go [in accountancy],’
has been quoted saying. With the Lehmans administration, unpredictability is
almost a certainty.
Read more about Dan Schwarzmann:
Read Profiles of the other Lehman administrators:
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children