Grant Thornton Cyprus has strengthened its Restructuring and Insolvency service capability by signing a joint venture agreement with Grant Thornton UK LLP.

The UK member firm of the Grant Thornton global network has a leading position in the market and the largest dedicated team of asset-tracing and recovery specialists in the UK. The team is often at the forefront of major international insolvency cases such as Madoff and Saad, and cutting-edge legal developments, such as the recent UK Privy Council case of Singularis.

Internationally, the JV will also be supported by member firms in 51 countries authorized by Grant Thornton International Ltd to undertake recovery and reorganization assignments.

David Dunckley, Head of Restructuring and Insolvency for Grant Thornton UK LLP, commented: "We are delighted to support the growth of Stephen’s team in Cyprus, and have so far provided two full-time secondees to support, train and mentor the local team. Additional resources are available to be deployed at short notice."

Stephen Michaelides, who heads the Restructuring and Insolvency service line at Grant Thornton Cyprus, noted: "Our local team had been substantially strengthened by our partnership with GTUK and now has the know-how, the tools and the experience in restructuring and insolvency to effectively support clients and stakeholders through what are often challenging circumstances. The joint venture also gives us the expertise and resources to undertake large and complex cases for companies and individuals, both locally as well as internationally."