For Immediate Release
June 30, 2010 - CALGARY, AB - Meyers Norris Penny LLP (MNP) has acquired certain regions of the Personal Insolvency practice of PricewaterhouseCoopers LLP (PwC) effective July 1, 2010. The regions of the Personal Insolvency practice consist of 54 professionals and support staff located throughout 11 offices in Quebec, Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.
“MNP is very excited about this acquisition. Not only will we be strengthening our personal insolvency practice by gaining additional expertise and resources in existing locations, we are adding new Ontario locations and entering the Quebec market for the first time,” said Daryl Ritchie, MNP’s Chief Executive Officer. “From a business perspective this is no doubt an exciting opportunity, but our top priority at the moment is to work closely with PwC to ensure that the transition is smooth for all clients and team members involved,” explains Ritchie.
The 11 Personal Insolvency practice locations acquired by MNP are in Montreal, Kitchener-Waterloo, London, St. Catharines, Winnipeg, Saskatoon, Prince Albert, Regina, Edmonton, Vancouver and Surrey. The personal insolvency practice will complement the wide range of chartered accountancy and business advisory services MNP offers, while providing them with a new presence in the cities of Montreal, St. Catharines, Hamilton, and London.
“The sale of certain regions of the Personal Insolvency practice is consistent with PwC’s long-term strategy in those markets, which focuses on Corporate Advisory and Restructuring service offerings. We believe this decision is in the best long-term interests of our personal insolvency clients and the staff servicing them,” says Kristian Knibutat, PwC’s National Deals Leader.
“MNP’s Insolvency practice, Meyers Norris Penny (MNP) Limited, has been helping individuals and businesses across Canada resolve their financial problems for more than 40 years,” says Ritchie. “This is a practice area our team excels in and we are a very excited about providing our expertise to more people and more markets.” In addition to delivering Consumer Insolvency services in consumer proposals and personal bankruptcy, MNP provides a full range of Corporate Recovery services.
PwC maintains a strong Corporate Insolvency practice, serving clients in key locations across Canada. PwC will also retain the firm’s Personal Insolvency practice in Atlantic Canada, where it is the largest provider of these services, with coverage across the region.
About Meyers Norris Penny LLP
MNP is one of the largest chartered accountancy and business advisory firms in Canada. In addition to tax and accounting expertise, MNP delivers a diverse range of advisory services, including personal and corporate insolvency, valuation & litigations support, consulting, enterprise risk, corporate finance, succession, investigative & forensic accounting and cross-border services. With 50 locations across Canada, MNP has a qualified team of more than 2,500 team members who focus on what matters most -- helping individuals achieve their personal and business goals. For more information, www.mnpdebt.ca.
About PricewaterhouseCoopers LLP
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. In Canada, PricewaterhouseCoopers LLP (www.pwc.com/ca) and its related entities have more than 5,300 partners and staff in offices across the country.“PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.
For more information, please contact:
Randy Mowat, Meyers Norris Penny LLP, 403.536.5555, randy.mowat@mnp.ca
David Rowney, PricewaterhouseCoopers LLP, 416.365.8858, david.rowney@ca.pwc.com