Andrew Morrison
Office:
Suite 3212, 53 Market Street
Camana Bay
PO Box 30613
KY1-1203
City:
Grand Cayman
Country:
Cayman Islands
Tel:
+1 345 743 6830
Fax:
+1 345 749 6830

Questions and Answers:

Who's Who Legal Thought Leaders - Restructuring

Andrew Morrison has more than 19 years’ experience in restructuring, including six years based in the Cayman Islands. Andrew has particular expertise in investment funds and banking. Andrew has acted as an adviser, director, liquidator and receiver of various offshore investment funds and other entities. He has delivered wind-down, due diligence, sell-side and restructuring options advice in over 70 situations across a variety of markets and sectors, including financial services, real estate, and oil and gas.

DID YOU EXPECT TO BECOME A RESTRUCTURING EXPERT WHEN STARTING OUT?

Yes, because I was only 19 years old when I joined Ernst & Young’s restructuring team in London as a trainee! Restructuring provides such a wide variety of commercial experience that it immediately grabbed my attention as a challenging and rewarding career. What I didn’t expect back then was to develop expertise in offshore matters, but the Cayman Islands has become home.

WHAT MAKES FTI’S OFFERING STAND OUT FROM ITS COMPETITORS?

Our depth and breadth as a global consulting firm, without running into audit conflict issues that traditional accounting firms often face, means that we occupy a unique position. We have the ability to be fast-moving, commercial and flexible in delivering solutions, and can deploy leading industry experts worldwide. 

For example, the Cayman Islands is the world’s leading domicile for investment funds. We offer much more than liquidation and insolvency services to our fund clients – we act as directors in distressed and contentious situations, and as of recently, investment managers. FTI Capital Management is an SEC Registered Investment Adviser that offers a new alternative for challenging wind-downs of investment funds. We constantly seek to develop creative new solutions for our clients.

WHAT IS THE MOST IMPORTANT SKILL REQUIRED TO BE A SUCCESSFUL LIQUIDATOR?

Well-rounded expertise is required in order for our typical engagements to be executed successfully. We often have to develop a quick understanding of complex situations – the commercial, financial and legal aspects – to make an assessment of available options and outcomes. We are careful to be pragmatic and outcome-driven – the pressures at play in a restructuring must be balanced with our fiduciary duties, and the need to remain objective. Strong leadership and communication skills are essential for resolving disputes and building stakeholder consensus. In high-value and contentious situations, it certainly helps to keep a cool head!

TO WHAT EXTENT ARE DUE DILIGENCE AND COMPLIANCE INCREASINGLY IMPORTANT ASPECTS OF THE RESTRUCTURING PROCESS?

Due diligence can take many forms. FTI Consulting acted as liquidation expert in Ocean Rig, a recent cross-border restructuring of multibillion-dollar New York law-governed debt effected through Cayman Islands schemes of arrangement. This involved the preparation of a complex entity priority model, underpinned by robust valuation judgements and a comprehensive understanding of the claims and legal structure, to provide the various stakeholder groups with information that they required in order to vote on the proposed schemes. Put simply, without diligence, confident and meaningful decision-making can be challenging.

Developments in compliance also breed confidence. For example, there has been an increased focus on anti-money laundering provisions, beneficial ownership disclosures and the Common Reporting Standard for the automatic exchange of tax information. While it can be time-consuming and costly for restructuring professionals to comply with the regulations that have been implemented, it is necessary and appropriate to ensure the integrity of offshore jurisdictions.

HOW HAS THE TREND OF “BANKER-BASHING” IMPACTED ON THE MARKET IN RECENT TIMES?

“Offshore jurisdiction-bashing” might be our closest equivalent in the Cayman Islands and other international financial centres. There are common false narratives around money laundering, tax evasion, secrecy laws and weak corporate governance. This negative perception does not reflect reality. The Cayman Islands constitute a modern and sophisticated financial centre, with a deep bench of experienced lawyers, accountants and other professionals. As a British territory, the islands have a sound regulatory, legal and court system. Cutting-edge cases such as Ocean Rig have opened the market to a greater volume of high-value complex matters.

WHAT HAS BEEN THE BIGGEST CHANGE YOU HAVE SEEN IN PRACTICE SINCE YOU BEGAN WORKING ON RESTRUCTURING MATTERS?

Legal recourse for disgruntled stakeholders of Cayman Islands entities often involves petitioning the court to place the entity into liquidation. If the petition is granted, the court will appoint an independent professional liquidator to sell or otherwise dispose of the entity’s assets and return the proceeds to its creditors and investors. However, since the height of the global financial crisis, stakeholders have unfortunately experienced too many liquidation processes where costs have been high and returns low. As a result, the stakeholders we interact with tend to be alive to the fact that resolving matters outside of court, rather than through it, can be far more efficient, cost-effective and reliably less risky. Of course, a winding-up petition is sometimes necessary; however, practitioners who are slow to offer alternatives will be left behind. Restructuring practice today requires a creative and sophisticated approach that has value generation at its core and a focus on cost reduction.

IS INCREASING GLOBALISATION AN ADVANTAGE OR A HINDRANCE WHEN IT COMES TO THE AUTONOMY AND EFFECTIVENESS OF OFFSHORE JURISDICTIONS?

Globalisation is not only an advantage but essential. There would be no requirement for tax-neutral jurisdictions without international business and cross-border investment by institutions and others. The level of autonomy has reduced – this must be positive to the extent it has improved the regulatory environment based on global standards. Where offshore jurisdictions will be hindered is if regulation goes beyond the standards that onshore and midshore competitors are held to. This is part of why the UK House of Commons’ May 2018 decision on beneficial ownership disclosure was met with discord in the Cayman Islands.

ADVISER, LIQUIDATOR OR RECEIVER – IN WHICH CAPACITY DO YOU MOST ENJOY ACTING?

All of the above! For FTI Consulting’s business in the Cayman Islands, I would add director and investment manager to that mix. The variety is a big part of what I enjoy. However, all of these are fiduciary relationships and leadership roles, so they have their obvious similarities – fundamentally, we have a range of tools and it usually becomes obvious which of them is most appropriate to deploy.

Biographies:

Who's Who Legal Asset Recovery: Experts

Andrew Morrison is a senior managing director in the corporate finance and restructuring segment of FTI Consulting and is based in the Cayman Islands. Mr Morrison has more than 19 years’ experience in insolvency and restructuring matters, including over six years based offshore in the Cayman Islands.

Mr Morrison has acted as an official liquidator, provisional liquidator, voluntary liquidator, receiver, director and adviser of various Cayman Islands entities.

Many of Mr Morrison’s engagements have included high-value cross-border asset recovery exercises, arising from insolvency, disputes and allegations of fraud, wrongdoing or mismanagement. These matters have also included detailed investigations, forensic analysis and reconstruction of books and records in order to support recoveries and substantial litigation claims against third parties.

Specific examples of Mr Morrison’s engagements include acting as official liquidator of a Cayman Islands investment fund that operated a complex segregated portfolio structure, which is subject to serious allegations of mismanagement and potential fraud, including intermingling of assets and the operation of a Ponzi scheme. He was also the lead director in the liquidations of Rye Select Broad Market XL Portfolio Ltd, Rye Select Broad Market Insurance Portfolio LDC and Broad Market XL Holdings Ltd, which are funds that invested in assets related to Bernard L Madoff Investment Securities LLC.

Mr Morrison is a fellow of the Association of Chartered Certified Accountants, a prize winner in the UK Joint Insolvency Examinations and a fellow of INSOL International.

Prior to joining FTI Consulting, Mr Morrison was a director in a boutique restructuring practice in the Caribbean and a director of KPMG in London.

WWL says: Andrew Morrison is “a top name” in the asset recovery field according to sources, who he impresses with his leading expertise on restructuring-related cases.

This biography is an extract from Who's Who Legal: Asset Recovery which can be purchased from our Shop.

Who's Who Legal Consulting Experts: Experts - Financial Advisory and Valuation - Restructuring & Insolvency Experts

Andrew Morrison is a senior managing director in the corporate finance and restructuring segment of FTI Consulting and FTI Capital Management, and is based in the Cayman Islands. Mr Morrison has more than 19 years' experience in insolvency and restructuring matters, including over six years based offshore in the Cayman Islands.

Andrew has particular expertise in investment funds and banking. He co-leads FTI Capital Management, an SEC Registered Investment Adviser for fund wind-downs. Andrew worked for three years in a Big 4 team that specialised in delivering large-scale solvent wind-down projects.

Andrew’s experience includes two long-term client secondments to the Global Restructuring Group of the Royal Bank of Scotland and the business support unit of Lloyds Banking Group, where his role included acting as bank relationship director for under-performing corporate and leveraged acquisition finance lending and overseeing turnaround plans, debt-for-equity swaps, property participation agreements, portfolio debt disposals, sale of business processes and asset sales.

Andrew has acted as an adviser, director, court-appointed liquidator and receiver, and voluntary liquidator of various Cayman Islands investment funds and other offshore entities. He has led and delivered insolvency processes, wind-downs, financial due diligence, sell-side and restructuring options advice in over 70 situations across a variety of markets and sectors.

Mr Morrison is a fellow of the Association of Chartered Certified Accountants, a prizewinner in the UK Joint Insolvency Examinations and a fellow of INSOL International.

Prior to joining FTI Consulting, Mr Morrison was a director in a boutique restructuring practice in the Caribbean and a director of KPMG in London.

WWL says: The “superb” Andrew Morrison is one of the leading figures in liquidations and restructuring advisory work.

This biography is an extract from Who's Who Legal: Consulting Experts which can be purchased from our Shop.

Who's Who Legal Consulting Experts: Experts - Investigations - Forensic Accountants

Andrew Morrison is a senior managing director in the corporate finance and restructuring segment of FTI Consulting and FTI Capital Management and is based in the Cayman Islands. Mr Morrison has more than 19 years' experience in insolvency and restructuring matters, including over six years based offshore in the Cayman Islands.

Mr Morrison has acted as an official liquidator, provisional liquidator, voluntary liquidator, receiver, director and adviser of various Cayman Islands entities. Many of Mr Morrison's previous engagements have included high-value cross-border asset recovery exercises, arising from insolvency, disputes and allegations of fraud, wrongdoing or mismanagement. These matters have also included detailed investigations, forensic analysis and reconstruction of books and records in order to support recoveries and substantial litigation claims against third parties.

Specific examples of Mr Morrison's previous engagements include acting as official liquidator of a Cayman Islands investment fund that operated a complex segregated portfolio structure, which is subject to serious allegations of mismanagement and potential fraud, including intermingling of assets and the operation of a Ponzi scheme. He was also the lead director in the liquidations of Rye Select Broad Market XL Portfolio Ltd, Rye Select Broad Market Insurance Portfolio LDC and Broad Market XL Holdings Ltd, which are funds that invested in assets related to Bernard L. Madoff Investment Securities LLC.

Mr Morrison is a fellow of the Association of Chartered Certified Accountants, a prizewinner in the UK Joint Insolvency Examinations and a fellow of INSOL International. Prior to joining FTI Consulting, Mr Morrison was a director in a boutique restructuring practice in the Caribbean and a director of KPMG in London.

WWL says: Andrew Morrison is lauded by peers for his ability to "successfully negotiate the toughest assignments".

This biography is an extract from Who's Who Legal: Consulting Experts which can be purchased from our Shop.

Who's Who Legal Consulting Experts: Experts - Investigations - Asset Recovery Experts

Andrew Morrison is a senior managing director in the corporate finance and restructuring segment of FTI Consulting and FTI Capital Management, and is based in the Cayman Islands. Mr Morrison has more than 19 years' experience in insolvency and restructuring matters, including over six years based offshore in the Cayman Islands.

Mr Morrison has acted as an official liquidator, provisional liquidator, voluntary liquidator, receiver, director and adviser of various Cayman Islands entities. Many of Mr Morrison's previous engagements have included high-value cross-border asset recovery exercises, arising from insolvency, disputes and allegations of fraud, wrongdoing or mismanagement. These matters have also included detailed investigations, forensic analysis and reconstruction of books and records in order to support recoveries and substantial litigation claims against third parties.

Specific examples of Mr Morrison's previous engagements include acting as official liquidator of a Cayman Islands investment fund that operated a complex segregated portfolio structure, which is subject to serious allegations of mismanagement and potential fraud, including intermingling of assets and the operation of a Ponzi scheme. He was also the lead director in the liquidations of Rye Select Broad Market XL Portfolio Ltd, Rye Select Broad Market Insurance Portfolio LDC and Broad Market XL Holdings Ltd, which are funds that invested in assets related to Bernard L. Madoff Investment Securities LLC.

Mr Morrison is a fellow of the Association of Chartered Certified Accountants, a prizewinner in the UK Joint Insolvency Examinations and a fellow of INSOL International. Prior to joining FTI Consulting, Mr Morrison was a director in a boutique restructuring practice in the Caribbean and a director of KPMG in London.

WWL says: Andrew Morrison is a standout figure in the asset recovery space, known for his strong expertise in insolvency and liquidation-related matters.

This biography is an extract from Who's Who Legal: Consulting Experts which can be purchased from our Shop.

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