PBB Advisory moves post-PwC acquisition

An application to the Federal Court seeking to surrender insolvency appointments has shed fresh light on the fate of various PPB Advisory staff and partners following its acquisition by PwC.

The judgment of Justice Kathleen Farrell in Theobald, in the matter of Bowesco Pty Ltd (in liq) [2018] FCA 1725 details how Simon Theobald and Mark Robinson recently sought orders to effect their resignations as either official liquidators or deed administrator of a range of companies because they, in the judge’s words “wish to pursue other opportunities and to resign from their roles”.

We’re not sure what Theobald has planned. His Linked In profile still describes him as managing partner Western Australia at PPB Advisory and we understand he’s talking to PwC but there’s no partner role on offer in Perth.

Robinson, who’s been assisting with the PPB Advisory wind down in a temporary capacity, has either joined or is on the cusp of finalising a move to BDO.

There were more than 20 registered liquidators among the 30 plus partners of PPBA prior to the completion of the takeover on August 1,2018.

Founder Steve Parbery and director Glenn Livingstone decamped to Ferrier Hodgson earlier this year, though neither were partners at the time of the acquisition.

Now Theobald and Robinson, having wrapped up their affairs, are in the course of leaving.

Don’t think that the departures will end there. The for sale signs supposedly went up after various PPBA partners of high standing were approached by multiple firms over a 12 month period.

Well placed sources confirmed this week that Deloitte and three other had a sniff. PwC was apparently the fourth to express interest and it was its offer that galvanised PPBA partners to pursue a deal that would both set them on the pathway to a global restructuring future and also take care of liabilities likely to turn awkward if the firm lost any of its rainmakers, always a possibility if rivals decided to poach on exceptional terms.

The PwC partners who are picking up Theobald and Robinson’s old jobs include PwC WA managing director Melissa Humann, and ex-PPBA partners including Melbourne-based Robert Ditrich, Will Honner, Andrew Scott, Daniel Walley and Chris Hill in Sydney and Michael Owen in Brisbane.

Further reading:

Ferriers Scores PPB Pair As Deal Deadline Approaches

Merger: PPB And PwC On Cusp Of Consummation?