Four KPMG Belfast insolvency managers leave for Interpath Ireland – The Irish Times

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Sources say four members of KPMG Ireland’s restructuring and insolvency team in Belfast, including chief of staff Stuart Irwin, have announced plans to join the fledgling Irish arm of UK-based Interpath Advisory. United.

Ian Leonard, director of KPMG Ireland, and associate directors Robin Coughlin and Grainne Baker are the other Belfast insolvency officers who have resigned in recent days to join Interpath Ireland, they said.

It is understood that individuals will start moving in the coming months as they have shorter notice periods than the five Dublin-based KPMG and Deloitte insolvency partners who stepped down earlier this year to set up Interpath Ireland.

Spokespersons for KPMG and Interpath did not respond to requests for comment.

It emerged last February that KPMG partners Kieran Wallace and Eamonn Richardson, best known as co-liquidators of the Irish Bank Resolution Corporation (IBRC), and Deloitte partners Ken Fennell, Mark Degnan and James Anderson, were leaving the respective companies to create Interpath Ireland. However, a Deloitte spokesperson said on Wednesday that Mr Anderson had decided to stay with the firm.

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The notice periods for outgoing Deloitte partners run until January 2023, while those for KPMG’s figures extend until April. It is understood talks are ongoing to secure early release dates out of court.

Former KPMG insolvency practitioner Andrew O’Leary became Interpath Ireland’s first senior employee in June. He landed the firm’s first liquidation deal last month, when Tiger Wood Fired Pizza, which had outlets in Rathmines and Deansgrange in Dublin and was backed by the wealthy McCann family of Fyffes fame, ran into financial trouble .

Interpath Ireland has around 10 staff and aims to grow a team of 30-40 people by the middle of next year, growing to 120 within two to three years. Mr. Fennell and Mr. Wallace will ultimately lead the Irish operation.

Interpath Advisory was created in May last year when KPMG in the UK sold its corporate restructuring business to private equity firm HIG Capital for more than £350m (€400m ). The sale allowed the restructuring business to continue to win work from the Big Four firm’s audit clients, as it removed the risk of conflicts of interest at a time of heightened regulatory scrutiny of the industry.

Court-appointed officials

Many of the larger ongoing review and liquidation cases in which the outgoing partners of KPMG Ireland and Deloitte Ireland are involved are expected to move with them to the new practice, as they are court-appointed officials in each case.

It is understood that it has been agreed that the work of Mr. Wallace and Mr. Richardson on the IBRC will be transferred to Interpath Ireland. The liquidation by Mr. Fennell and Mr. Anderson of the Irish branch of the German payments company Wirecard, which collapsed in 2020, as well as the liquidation of Mr. Fennell and Mr. Degnan of Stobart Air, are also expected to move.

A widely predicted global spike in business collapses at the start of the Covid-19 pandemic two years ago was averted thanks to government assistance to businesses and households at the height of the crisis.

However, Irish business bankruptcies rose by 50% in the first half of this year to 253, according to Deloitte, as aid was scrapped and businesses grappled with runaway inflation. While the level remained well below the average of 372 for the comparable periods in 2018 and 2019, before the pandemic, bankruptcies are expected to largely continue to rise over the next 12 months.

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