Begbies Traynor Boosts Offshore Unit In Caymans, Isle Of Man

16th Jun 2010 07:49

LONDON (Dow Jones)--U.K. insolvency specialist Begbies Traynor Group PLC (BEG.LN) Wednesday said it is expanding its offshore practice by opening an office in the Cayman Islands and setting up a teaming agreement with an established insolvency practice in the Isle of Man. Executive Chairman Ric Traynor said the expansion would give the firm the resources to carry out complex and cross-jurisdictional work. Under the teaming agreement in the Isle of Man, local insolvency practitioner Paul Shimmin of Shimmin Wilson & Co. will head up the team in Douglas, the Isle of Man's capital. Begbies said the agreement would boost its existing Channel Islands bases in Jersey and Guernsey to create a practice which will specialize in risk mitigation, corporate restructuring and insolvency, as well as forensic accounting. The new office in the Cayman Islands will specialize in insolvency and forensic services for offshore structures such as funds and special investment vehicles. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 16, 2010 02:49 ET (06:49 GMT)