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Insolvencies to rise across the region, say GRIP members
16 September 2022
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Insolvencies across the Asia-Pacific are sure to rise in the wake of COVID, said attendees at the first regional gathering of the global restructuring and insolvency professionals (GRIP) network.
APAC GRIP founder-member Jirsch Sutherland said the Singapore meeting highlighted the need for insolvency specialists to co-operate when it came to nation-straddling businesses.
“A common theme was that COVID support introduced by the various governments had curbed global insolvencies,” said Jirsch Sutherland Partner Andrew Spring. “As each jurisdiction has begun (or will begin) to move out of the government support cycle, it will likely result in a rise in insolvency numbers.”
“As the world continues to recover, it’s more likely that clients with cross-border businesses in financial distress will need access to specialised restructuring advice.”
“The ability to understand each other’s legislative parameters and partner networks will be a significant point of difference for GRIP members.”
Head of Jirsch Sutherland’s asia desk partner Melissa Lau said GRIP had helped members understand other local laws and regulations in other jurisdictions and allowed cultural exchange between members.
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She said the network enabled businesses provide clients with multidisciplinary advice across borders.
“While GRIP’s core focus is on restructuring and insolvency, the diversity of service offerings among GRIP members means we can connect clients with trusted advisers in other jurisdictions for services they need,” said Ms Lau.
Jirsch Sutherland joined the GRIP network in May 2021 as the lead of the APAC region and has since grown the network's reach to 15 countries.
Members include:
- Ahlawat & Associates - India
- DFDL - Bangladesh, Cambodia, Indonesia, Laos, Myanmar, Thailand, Vietnam, Philippines
- McDonald Vague Limited - New Zealand
- TSMP Law - Singapore
- LCWP - Malaysia
- Zhong Lun Law Firm - China
- Yulchon - South Korea
- Formosan Brothers - Taiwan
At the time, Jirsch Sutherland national managing partner Bradd Morelli told Accountants Daily that the network would expand the reach of the firm.
“While Jirsch Sutherland has vast experience handling and advising on international, cross-border matters for clients, GRIP increases our international reach and resources,” he said a year ago.
“As a member, we can quickly tap into specialist knowledge and support of fellow members in jurisdictions across Europe, Canada, Central and South America, and now the Asia-Pacific.”
“For almost 40 years, Jirsch Sutherland has built strong relationships with referrers, business owners and directors and individuals across Australia, and now we’re looking forward to forging collaborative and honest relationships with new GRIP members across the Asia-Pacific and around the world.”
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