Restructuring and recovery firm FRP Advisory has formed an alliance with Irish recovery firm, Friel Stafford.
The alliance is aimed at meeting increasing demand from both UK and Irish organisations for advice and solutions regarding cross-border corporate and personal insolvency related issues.
Jim Stafford, managing partner of Friel Stafford, said: “Increasingly Friel Stafford’s recovery work involves significant elements of UK related investment restructuring and unwinding.
“The arrangement will allow us both to respond to the increasing demand for our advisory services on multi jurisdiction assignments, particularly from banking clients who are looking for firms with track records in both the UK and Ireland.”
The announcement comes a month after the Irish government overhauled its bankruptcy laws and the establishment of a new state insolvency service.
There has also been increasing demand for receivers to be appointed in both the UK and Ireland relating to significant UK real estate-related investments, particularly within complex cross-border cases.
Geoff Rowley, senior partner at FRP Advisory, said: “Both the UK and Ireland are still at the relatively early stages of restructuring many often complex corporate and personal insolvency investment vehicles that were set up before the financial crisis.”
Charles Turner, partner and head of the personal insolvency division at FRP, warns that the differences between UK and Irish personal insolvency legislation will still cause problems.
He explained: “The often contentious issues with ownership and location of assets will only intensify as the UK and Irish citizens seek practical recovery solutions to their financial difficulties.”