Turnaround specialist Alvarez & Marsal announced that it will expand its operations into Canada with the opening of a Toronto office.
The former head of KPMG’s Canadian restructuring practice, Douglas McIntosh, will serve as the managing director and head up Alvarez & Marsal Canada ULC. He will also join the firm’s executive committee for commercial restructuring in North America.
Alvarez & Marsal also has offices in Europe, and, in 2000, expanded into Asia and Latin America. Co-chief executive of the firm Bryan Marsal noted that because the firm is not an audit or accounting firm, it is not subject to conflict of interest or auditor independence issues -- another reason it made sense for the firm to expand into Canada.
In a statement, McIntosh said that in the past several years, the Canadian market has seen a major shift in demand from creditor, to company-driven solutions when it comes to bankruptcy turnarounds.
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