Tougher corporate governance requirements following the collapse of Enron Corp. and Worldcom Inc. and economic pressures have increased the demand for restructuring specialists in Asia, a director atAlvarez & Marshal says.
In expectations of a growth in demand for such work, Alvarez & Marshal has beefed up its Asian presence by absorbing last week the entire 80-strong corporate advisory team of accountants RSM Nelson Wheeler, said Kelvin Flynn, managing director at one of the word's biggest company doctors.
Flynn himself transferred from RSM, where he was an executive director.
The 500-strong New York-headquartered A&M works with creditors or companies on the verge of bankruptcy, or goes in at an earlier stage, helping them turn around underperforming businesses. Until it absorbed RSM's corporate advisory team in Asia, it had just a small presence to deal with global mandates that had an Asian component.
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