Every week another new insolvency firm seems to emerge as practitioners of an optimistic bent bet on the resumption of a rate of external administrations consistent with Capitalism’s proper and unimpeded functioning.
This week iNO chanced upon an example not so much of a new occurrence as of a regeneration, through freshly minted Moore Recovery.
As readers will be aware, the former Moore Stephens Sydney insolvency practice was detached from the main accountancy body in act of corporate autotomy back in 2014.
The discarded limb was duly devoured by Deloitte but seven years on the division has sprouted anew through an alliance between Moore’s current principals and registered liquidator Desmond Teng.
The outcome is Moore Recovery, 80 per cent owned by Teng and his partner through E & ET Pty Ltd and 20 per cent held by Moore Sydney Holdings Pty Ltd (MSH).
The directors of MSH in turn are Simon Alford, Hyung Yu, Paul Breedon, Charles Oosthuizen and Adam Dyson. Along with Teng, Breedon is also a director of Moore Recovery.
Teng, who most recently worked with Gavin Moss at Chifley Advisory told iNO he and Moss were approached to take on what Moore was proposing – larger more complex appointments including cross-border insolvency work – and while it didn’t work for Moss it was what Teng had been looking for to springboard his ambitions.
He said he anticipated gaining access to more premium work flow, particularly through entities with affiliations in Singapore, Hong Kong and mainland China and through the ASX-listed space.
“It’s my practice and I need to tap into the premium end,” Teng said, adding that he is currently operating via a short term service agreement with his friend Vincent Pirina at Aston Chace which allows him access to experienced staff and an operation geared to handle the particular challenges insolvency poses.
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