Date Published: 16th March 2021
Following the acquisition of CVR Global LLP, by UK specialist professional services firm, Begbies Traynor Group, the head of its Cyprus office, Darren Reeds, has been awarded a Cypriot Insolvency Practitioner Licence. The licence was granted by the Cyprus regulatory body, The Cypriot Insolvency Service, which allows Reeds to take insolvency appointments in relation to Cypriot incorporated corporate structures.
Reeds, who also holds a UK insolvency practitioners licence, is an expert in cross-border contentious insolvency, and leads the Cyprus office. This follows the £20.8 million acquisition of CVR Global last month when Begbies Traynor Group took over offices in Cyprus, Gibraltar, Jersey and the British Virgin Isles as part of the deal.
Darren Reeds’ growing reputation for multi-jurisdictional work and years of experience including over half a decade in the British Virgin Islands as a licensed Insolvency Practitioner, heading up the insolvency and restructuring divisions for two global leading accountancy networks, is seen as ideal to lead the new offices for Begbies Traynor Group.
In addition to this, the Partner is renowned for undertaking court-appointed receiverships and liquidations, many of which have included asset-tracing and forensic components to recover assets. Such appointments have encompassed regions including; BVI, Russia, Cyprus, CIS, Eastern Europe, USA, Hong Kong, China and Singapore.
From the new office in Cyprus, Reeds will support Begbies Traynor Group’s international work, particularly in; BVI, Jersey and Gibraltar ranging across liquidations, receiverships, asset-tracing and forensic investigations.
Darren Reeds, partner at Begbies Traynor Group, says: “The acquisition of CVR by Begbies Traynor, and its growth into offshore insolvency services is at a time when the firm is in a state of strong, sustainable growth. Everyone in the sector knows the reputation it has for excellent work in the UK and delivering for clients consistently to save jobs and businesses. I will be looking to establish the same reputation for the group as it grows in Cyprus. It also allows the collaboration of services and coverage of time zones from Cyprus, with our BVI office, where many engagements straddle both jurisdictions and so I will continue to work closely with our BVI colleagues and clients.”
“In our new office in Cyprus we have the expertise, the backing and the strength to be a success and support the company’s international growth. I strongly believe that this is the next important step for the group and to do it during a time when other companies are having to put a hold on expansion shows just how valuable the work we do is to the UK and the global economy.”
Reeds, who has relocated from London, was granted his Cypriot Insolvency Practitioner licence in February 2021, with the Cyprus office based in Nicosia.
Ric Traynor, chairman of Begbies Traynor Group, says: “This is the next step for us following the acquisition of CVR. For the years that we have run the company we are going through an exciting period of extended growth, but it’s not just within the insolvency or restructuring areas. Our advisory teams are doing well too. And that is vital to our international network becoming a sustained success.
“In 2021, we hope to see more chance to prove the expertise in our group and expand to show how we can help businesses become stronger and better for the rocky road ahead.”
“The Covid-19 pandemic has had a major impact on the global economy with insolvencies on the rise now more than ever, and businesses need help surviving these difficult times, whether they are an SME or a large enterprise. I am excited to bring my experience to this new challenge and expand the reach and services of Begbies Traynor Group across the region.”
Ric qualified with Arthur Andersen in 1984 and founded Begbies Traynor in 1989. Ric specialises in practice management and has considerable experience in financial turnaround and dispute resolution within professional practices.