KBP’s parent, Kroll, acquired the US turnaround specialist Zolfo Cooper, founded by Stephen F Cooper, who is currently restructuring fallen energy giant Enron as interim chief executive. He became chairman of Kroll’s newly-created corporate advisory and restructuring group.
According to KBP, the acquisition makes the firm the largest independent corporate recovery practice, as it does not have an audit arm and therefore no possible conflicts of interest. It will also give troubled global companies a wider choice.
Simon Freakley, head of the new restructuring group, told Accountancy Age: ‘We are competing on equal terms with the Big Four. We can deal with larger transatlantic restructuring.’
And with the sale of PricewaterhouseCoopers’ US corporate recovery practice to a private consulting firm, the only competition left for KBP on that level is Deloitte & Touche, KPMG and Ernst & Young, all of which have audit arms, explained Freakley. He also said the firm decided to acquire Zolfo Cooper after dealing with a number of large transatlantic insolvencies.
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com