Contact: Melinda Loew
Deloitte
Media & Communications Manager
0404 058 616

Contact: Chris Campbell
Deloitte
Partner - Corporate Reorganisation
0414 427 338

Deloitte has been ranked the leading non-investment banking firm for global corporate reorganisation services in 2006.

US corporate finance publication The Deal (www.thedeal.com) ranked Deloitte corporate reorganisation services number one in its bankruptcy league table for the fourth-quarter in a row.

Globally Deloitte was involved in 508 bankruptcy assignments this quarter, the highest number of any non-investment banking firm.

Of Deloitte’s 508 corporate reorganisation assignments, Australia led the pack handling 26%, followed by Hong Kong firm and the UK which each handled 21% and 20% respectively.

Deloitte’s Corporate Reorganisation Group leader, Chris Campbell said the firm is very proud to be recognised as the leading corporate reorganisation services.

“In Australia, we have seen significant growth above targets in the past year and with the recent addition of Sydney Horwath insolvency partners to the firm, we expect our growth will be even stronger in the next quarter,” he said.

 “Our dominance in insolvency has been clearly demonstrated in 2005-6, when we managed or played a key role in five of the seven largest insolvency assignments: Sam’s Seafood, Westbus, TEAC, Gowings and Westpoint.

“With Deloitte’s established multi-disciplinary approach, we have achieved outstanding results in the restructuring of Westbus, TEAC, and most recently turning around the Brothers Neilsen retail group,” Mr Campbell said.

“As these recent Deloitte assignments demonstrate, corporate reorganisation is not just about insolvency or exits. The best outcome for everyone often involves following the least obvious route and we explore all options.

“Brothers Neilsen suppliers commented that our approach to keeping the business alive and trading was innovative and after just five months, we engineered a solution that will return 100 cents in the dollar to all creditors. There have been no redundancies and only one out of 13 stores closed,” Mr Campbell said.

Mr Campbell said in Australia over the last year there has been continuing pressure in the retail and consumer products sectors, as well as an increase in assignments in industries such as, property and construction, wine and manufacturing.