PricewaterhouseCoopers (PwC) has established its presence in another offshore business territory with the opening of its British Virgin Islands (BVI) office this month.
Partnering two of the Caribbean region's leading audit and business advisory firms - PwC's East Caribbean and Cayman Islands partnerships - the office will focus on investigations, forensic accounting, insolvency, restructuring, solvent wind up of companies, schemes of arrangement and business continuity.
The company is looking forward to reintroducing its Caribbean and offshore business expertise to what it calls "an important emerging offshore jurisdiction".
PwC Cayman's Senior Partner, Nick Freeland explained that the firm's global client base will not only benefit from, but is also ready, for the firm's long-term presence in the market. "PwC is here to stay," Mr Freeland said. "The BVI market is evolving and there is an increasing demand for experts that can effectively manage critical and complex business issues and crises. That is exactly what our Advisory Practice will offer."
Christopher Sambrano, PwC's Head of Advisory Services for the Eastern Caribbean, based in Barbados, echoed Mr Freeland's comments: "When it comes to resolving issues like shareholder disputes, insolvency or restructuring, our crisis management teams are second to none. Our clients with interests in the BVI need us and the support of our global network - we're in this for the long haul."
Although the partnership will initially focus on advisory services in BVI, the PwC East Caribbean Partnership will continue to provide other Advisory services to Government and select domestic clients from Barbados.
Nick Carter will lead the team at the BVI office. Mr Carter has an expansive background in both the accounting and legal aspects of corporate securities, turnarounds, restructuring and insolvency, being qualified as a lawyer and accountant.
"He's the best person for the job," explained David Walker, PwC Cayman Advisory Partner. "Nick Carter's track record is impressive. He's been involved in many assignments across the globe and in multiple industries. As a BVI resident and licensed insolvency practitioner, he's exactly what the new office needs to get off the ground."
On his appointment to head up the BVI office, Mr Carter said, "I'm honoured. I have tremendous support from the East Caribbean and Cayman partnerships, as well as from the global firm. We're all very confident in the long-term success of this new venture."
The PwC East Caribbean and PwC Cayman Islands partnerships have over 90 years combined experience and hundreds of successful regional and global transactions to their names. PwC has over 2000 staff across 66 countries, who specialise in business recovery and insolvency services.