Bahamas News

Two senior accountants in the Bahamas have formed their own company, targeting what they describe as a niche in the market by providing a wide range of non-audit services.

FT Consultants, which began operations on January 3, 2006, was formed by shareholders Maria Ferrere and Alison Treco.

It will provide a wide range of non-audit services, including insolvency, corporate restructuring, forensic accounting, business valuations, financing advice, mergers and acquisitions, financial advisory and company management services.

Mrs Ferrere, a former partner at Ernst & Young (Bahamas), was the first woman to attain this status at an international accounting firm in the Bahamas, taking that post on October 1, 1992.

She spent 26 years with Ernst & Young, including secondment to the US and Canada. From 1998 to the date of her retirement on December 31, 2005, she served as the partner responsible for Corporate Finance and Entrepreneurial Service.

Mrs Ferrere has gained considerable experience in corporate destructing and insolvency services, having worked as the court-appointed liquidator on the Oracle Fund case. She was also appointed ass liquidator for the funds formerly managed by Dieter Behring.

Ms Treco worked for KPMG for 24 years – four years in the UK and 20 years in the Bahamas.

Following her resignation from KPMG at the end of September 2004, she established ATS Advisory Services to provide corporate recovery, corporate finance and other non-audit services.

Ms Treco was a partner in KPMG Bahamas for 11 years, also serving as the managing director of KPMG Corporate Finance and director of KPMG Corporate Recovery.

She acts and has acted as liquidator for both Court-ordered and voluntary liquidations for a variety of companies, primarily in the financial services sector, for more than 10 years.

The other services Ms Treco has provided at KPMG and ATS Advisory Services include business valuations, advice on financing, mergers and acquisitions, expert witness testimony, forensic investigations and company incorporation.

Paul Clarke, who worked with Mrs Ferrere on the Oracle Fund liquidation, will act as a consultant to FT Consultants.

Terrance A. Bain and Patricia G Fowler, former senior managers in the Corporate Finance and Restructuring department at Ernst & Young Bahamas, have also joined the company.

Courtesy of The Tribune