Lai plans to expand EY’s restructuring team from 80 to 130 people next year as he believes many struggling companies need help from experts.
“I believe it is the right time to build a new high-quality restructuring team to help corporations that need rescue,” Lai said in an exclusive interview with the South China Morning Post.
“While the weak economy has seen many companies struggle to repay their debts, it creates the demand for restructuring and liquidation professionals to help them turn around the business and sell assets to repay their bondholders or banks,” Lai said.
Companies Registry data showed a rising trend of firms closing down in the past few years – 88,232 in 2022, 94,002 in 2023, 116,073 in 2024 and 84,549 in the first 10 months of this year.
