KordaMentha restructuring veteran David Winterbottom confirmed to SiN yesterday he is leaving the top tier practice for the less burdensome life of consulting and directorships.
The 52 year old, who started KordaMentha’s Sydney office with another ex-EY and Arthur Anderson alumni, Martin Madden in 2004, said after 30 years in insolvency he was ready to do something else. He had told the “two Marks” of his intentions several months ago and was in the process of finalising his exit.
“I’ve got two pages of appointments I need to transfer to other partners ,” Winterbottom said yesterday, denying with a laugh SiN’s suggestion that departure was in any way connected to the new Insolvency Law Reform Act (ILRA) and the more onerous regime of compliance its promises to impose on practitioners.
“No. The easiest decision for me would be to keep slugging away but after 30 years I’m ready to do something else and I think the time is right. That said, I think the ILRA will really change the profession and it’s going to be interesting to watch,” he said.
SiN will also monitor Winterbottom’s liquidator’s registration to see if he maintains it or lets it lapse. We’re betting on the latter.
Winterbottom wouldn’t be drawn on the question of his equity in the practice, preferring to talk about his future plans. He said the skills and contacts acquired in a 30 years career insolvency and restructuring would stand him in good stead as he looked to expand his range of directorships.
He is already a director and the chairman of the audit committee for ReachOut Australia and in February took a seat on the board of Hamlin Fistula Ethiopia, which raises money to treat women injured during labour.
Expect that number to increase once Winterbottom departs. In the meantime it will be interesting to see if Kordas appoints a new Sydney office managing partner or decides the role is redundant.