Wednesday, June 28, 2006

Christopher Stride (R) and Ken Krys of RSM Cayman Ltd

RSM Cayman Islands has expanded its Corporate Advisory Services practice to the British Virgin Islands. The new firm, RSM (British Virgin Islands) Limited will be led by Christopher Stride, a partner of RSM Cayman Islands.

Mr. Stride was instrumental in establishing RSM Cayman Islands in 2002 and will continue to play an ongoing role in the Cayman Islands practice.

In recent years, the British Virgin Islands have taken steps to formalize the insolvency process.  In August of 2004 the British Virgin Islands enacted the Insolvency Act 2003 which provided a regime for dealing with insolvent companies and the supervision of insolvency practitioners.

The impact of the legislation has lead to many major law firms and accounting firms setting up a presence in BVI over the past three years. 

Given the similarity of the legal framework, and the large number of corporate vehicles domiciled in the BVI, the jurisdiction was deemed as favourable to expand the services that are currently offered in the Cayman Islands. RSM is already involved in BVI in the liquidation of three mutual funds that operated from Asia and had investors throughout the Middle East and Europe.

"Our growth over the past two years in the Cayman Islands demonstrates the need for independent and objective practitioners in the insolvency and forensic accounting fields.

Expanding to BVI made a lot of sense, as there are synergies in providing the same seamless high quality service to clients worldwide, particularly those with operations in Asia and Eastern Europe," said Kenneth Krys, Managing Partner of RSM Cayman Islands.

Christopher Stride, Partner of RSM (British Virgin Islands), was recently approved by local regulators to act as an Insolvency Practitioner in the BVI.

"We have already identified a team of professionals who will form the basis of our team in the BVI, and to the extent necessary will use complementary resources from our Cayman Islands office to support our clients," he said.

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