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A mid-tier has bolstered its business restructuring team with the hire of a former big four director as it braces for a wave of insolvencies in the coming months.
Mid-tier expands restructuring team ahead of anticipated insolvency wave
15 October 2020
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1 minute read
BDO Australia has appointed Mathew Blum as associate director in its national business restructuring practice.
Mr Blum, who will be based out of the firm’s Melbourne office, is an insolvency specialist who was previously a director at Deloitte.
BDO believes Mr Blum’s 15 years of experience in the insolvency sector will help its restructuring team prepare for increased demand as government stimulus begins to wind up around the country and the economic impacts of the pandemic continue to unfold.
New data from CreditorWatch has shown that business administrations have started to rise for the first time since June, while the Reserve Bank of Australia believes business failures will undoubtedly increase as supports such as loan repayment deferrals and wage subsidies are wound back.
“Government stimulus and support has been critical to keep viable businesses going and keep people in jobs; however, it has also kept unviable businesses going,” said BDO’s national leader for business restructuring, Andrew Fielding.
“We anticipate a wave of insolvencies when the support ceases, and we are preparing our team to meet that demand.
“The post-COVID insolvency world will look very different as we experience the flow-on effect from the pandemic, businesses grapple with the challenging environment, and new insolvency reforms are introduced to support small business. We expect continued growth of our business restructuring practice and are bolstering our team to fit.”
