BDO Sydney Managing Partner, Grant Saxon, said BDO was responding to calls for an intermediary to work with businesses and their banking and finance partners as they adapt in a changing market.
“BDO’s approach responds to a fundamental change in the way that banks are seeking to work with their customers,” Mr Saxon said.
“Banks are more reluctant to send companies down the path of administration and insolvency and are actively looking for ways to support their customer to improve their financial position. They don’t want to call in the insolvency or creditors team but instead look for alternatives to restructure.”
“Andrew is a great appointment for BDO, bringing significant practical experience in a number of sectors including retail, construction, manufacturing and food & beverage industries. He will work alongside James White in Sydney.”
BDO’s National Leader for Business Restructuring, Andrew Fielding, welcomed Sallway’s appointment and said it would further strengthen the national offering.
Andrew joins at an exciting time with recent senior hires in BDO’s Brisbane office - former State Manager of Bank West, Peter Winterflood (Partner) and former Suncorp Restructuring Executive, Darren Stacey (Executive Director).
“BDO was the first accounting advisory firm in Australia to appoint executive level bankers in a Business Restructuring division,” Mr Fielding said.
“Having ex-bankers on board means we see both sides of the equation and can act as a translator between the banks and their clients.”
“BDO’s Business Restructuring team works with businesses to improve their risk assessment, put them on a more stable footing and provide a wider range of financial alternatives. This creates a win-win situation for the banks and their clients. The banks get to reduce their capital costs and businesses have a chance to make proactive changes to their business operations to improve performance.”
BDO’s Business Restructuring team covers bank advisory, business finance/debt advisory, business restructuring as well as traditional insolvency services.
Andrew Sallway has over 15 years’ restructuring experience delivering advice to banks, directors, shareholders and regulatory authorities.