BDO will be extending its existing national restructuring service line into Melbourne, led by new partner Nicholas Martin, who begins with the firm today.
Mr Nicholas, a CPA, has about 20 years’ experience in business transformation and advisory services and was most recently with PPB Advisory.
This move is a response to an increase in demand from lenders, borrowers, businesses and directors for business restructuring advice, a BDO spokesperson told Accountants Daily.
It’s also in line with the firm’s recent national hires, including business restructuring partner Andrew Sallway in September, and three other executives with a background in corporate banking.
“Nick recognises the change in the market from formal insolvency to restructuring,” said Andrew Fielding, national lead, business restructuring, at BDO.
“Lenders, borrowers, businesses and directors are actively looking for ways to improve their financial position and those of their counterparties. They want their advisers to develop strategic and practical ways to improve business performance. Security enforcement is a last resort,” he said.