PracticeConsultingPwC names business recovery unit chief

PwC names business recovery unit chief

PricewaterhouseCoopers has appointed Richard Setchim as the head of a new group specialising in solvent liquidations, a business recovery mechanism used to return capital to shareholders or successor companies.

Setchim was global operations officer for Landwell, the PwC network forassociated law firms, which he helped set up in 1998, and worked in the big five firm’s insolvency business and in Tokyo as a tax expert.

Commenting on the new group’s functions, Setchim said: ‘This new team will enable us to provide a more tailored service to meet our corporate clients’ restructuring requirements, and ensure we can work with law firms on complex corporate transactions.’

The solvent liquidation group brings together the firm’s existing MVLoperations, and will have up to 30 staff in London, Birmingham, Leeds andReading.

Blue chip clients include BAT, BG, Shell, Ford, IBM, Marks & Spencer, Reuters, the Royal Bank of Scotland and Schroders.

Solvent liquidations, or members’ voluntary liquidation (MVL), are an out ofcourt alternative used by solvent companies to return capital to shareholders,or transfer assets in a merger or demerger.

MVLs are often combined with tax and stamp duty reliefs available toreconstruction and amalgamation schemes.

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