Several years ago, when a Jirsch Sutherland team needed to get advice about and organise the sale of rough and processed diamonds – assets of the Kimberley Diamond Company (in liquidation) – they turned to diamond experts in Antwerp, Brussels, the centre of the world diamond trade.
It wasn’t the first time the firm has handled or advised on international, cross-border matters. From arranging the auction of diamonds in Antwerp; selling a camera lens technology business to a Singaporean venture capital firm; managing the liquidation of an international grain trading business with operations in India, Pakistan, Myanmar and China; working with the Bank of China on various matters; being engaged by a Bahranian creditor to enforce over an Australian steel and fabrication business; handling the liquidation of a pizza franchise operation in Australia while dealing with the franchisor/investor in the US and a supplier in Portugal; handling the Voluntary Administration of a New Zealand business with fashion retail stores in Australia; advising on a cyber-security business with operations in the UK and mainland Europe; liquidating a carbon credit company with operations in Brazil and Malaysia; to working with a US-based tour operator/promoter to wind up the Elvis & Priscilla Presley Tours in Australia, Jirsch Sutherland has had vast experience.
“Our team has worked on a huge range of matters across the globe – and in light of the pandemic, we anticipate there’ll be greater demand for international expertise and experience,” says Bradd Morelli, National Managing Partner. “Because of COVID-19, there are travel restrictions, international business has been compromised, supply chains have been challenged and, for some businesses, international ownership of assets or businesses has become less feasible or desirable. And with global insolvencies expected to spike in coming months, it’s sharpened the need for insolvency specialists who can handle cross-border matters.”
Bolstering global expertise
To meet the increasing demand, Jirsch Sutherland has majorly expanded its global network in the past 12 months. Late last year we launched our specialist Asia Desk, and we recently joined the Global Restructuring and Insolvency Professionals (GRIP) network.
“We are thrilled to be part of the GRIP network and, working as the Asia-Pacific Chair, to be expanding GRIP into APAC,” says Morelli. “GRIP is a cross-border referral network for independent insolvency firms across Europe, Canada, Central and South America and now Asia-Pacific. It means we have even greater capabilities and resources to handle cross-border matters, with insolvency practitioners on the ground in 24 countries who understand the local regulatory, legal and practical issues.”
Jirsch Sutherland Partner Andrew Spring, who worked with an insolvency firm in London for four years, says being part of the network enables the firm to quickly and easily tap into the varied expertise, multi-sector expertise it offers.
“It’s invaluable to have local contacts in other jurisdictions. Boots on the ground in those regions adds a vital level of expertise that can be difficult to achieve from a distance,” Spring adds.