Upload
phamminh
View
221
Download
0
Embed Size (px)
Citation preview
Specialist Forensic Accounting Services
Depth
02 | WDF Specialist Forensic Accounting Services
WDF is a niche forensic accountancy practice headed up by Jon Dodge and Roger Walton, who are supported by a specialist team with real strength in depth.
As one of the better known firms of independent forensic accountants in the UK, our focus from day one has been to provide an expert opinion which, in each and every instance, is proportionate to the issues in the case.
We operate from offices in Norwich and London.
This brochure provides further information on the scale of our activities, our key areas of
expertise and our team. We have also provided answers to some of our most frequently asked
questions. We hope you will find it informative.
Jon Dodge FCA CF
Relevant – we identify and focus on the key
issues in each case.
Understandable – our aim as experts is
to communicate our opinions, based on
our extensive experience, in a clear and
uncomplicated way in order to assist the Court.
Credible – we have completed well over
1,000 reports and have given oral evidence
in the County Courts and the High Court on
dozens of occasions.
Realistic – we have extensive forensic,
corporate finance and general practice
experience of the real world business issues
that are key to identifying an achievable
settlement or in assisting the Court to reach an
informed and realistic judgement.
Cost Effective – we aim for all of our work to
be focused, proportionate and helpful in the
context of the proceedings.
To that end, we endeavour to ensure our opinions are always:
WELCOME
VITAL STATISTICS
Type of Instruction Number of instructions Single joint expert Named expert Expert adviser
Matrimonial 120 90 20 10
Other Share Valuation 5 2 0 3
Consequential Loss 12 1 9 2
Total 137 93 29 15
Location Total instructing firms (1) Total instructing solicitors (1) Instructing firms last year
London 98 233 81
East Anglia 89 134 41
South East 91 124 54
East Midlands 35 42 15
South Coast 23 26 3
West Midlands 21 28 1
South West 20 19 8
North East 9 10 4
North West 12 15 7
Total 398 631 214
As a firm we are undoubtedly best known for
our matrimonial and business valuation work,
where we are regularly instructed to provide
expert opinion on the value of controlling
or minority shareholdings, liquidity, income
generating capacity (both actual and
potential) and all related tax matters.
We are regularly instructed in cases
involving businesses ranging in size from
small owner managed companies or
partnerships with turnover of less than
£1 million to large privately owned and
public companies with turnover in excess
of £250 million.
Our other areas of expertise include the
assessment of consequential loss in
respect of personal injury, dependency
and business interruption claims.
Here are our most recent annual statistics:
(1) Total instructing firms and solicitors are derived from our active contact database.
04 | WDF Specialist Forensic Accounting Services
Detail
SERVICES AND SPECIALISMS
Whatever the nature of the case, we ensure our
opinions clearly reflect our experience and are
relevant, understandable, credible, informed and
cost effective. Our main services and specialisms
are described below.
FAMILY PROCEEDINGS
Share and business valuations
We value businesses of all types, whether for an
FDR or a fully contested hearing. We are used
to dealing with complex share structures, quasi
partnerships and with accounts which may not
immediately reveal all the financial information
relevant to the case.
We carry out the necessary investigations and
research to ensure our opinion is properly
supported and have extensive real life
corporate finance experience in addition
to our theoretical knowledge.
Liquidity reviews
We are aware of the importance of available funds
and liquidity in Ancillary Relief Proceedings. Our
work is carried out with this in mind and we use
our taxation and corporate finance knowledge to
identify potential liquidity and especially how it
might be extracted from the family business.
Taxation considerations
We are experienced in all personal and corporate
taxation matters relating to Ancillary Relief
Proceedings, but specifically those relating to
valuations and the extraction of funds from
privately owned businesses.
Income assessment
We accurately evaluate the historic actual income
of the parties to the proceedings and provide
opinions on the potential income that might be
derived from the family business.
Detailed investigations
Where necessary, we are able to carry out a
detailed investigation of the financial affairs of a
business or group of businesses or of the personal
financial affairs of the parties, tracing assets and
unravelling complex series of transactions to
ensure a complete financial picture is obtained.
OTHER SHARE VALUATION
We have extensive experience of valuing interests
in companies and businesses of all types in
connection with shareholder disputes (including
Section 994 actions), partnership disputes
and arbitration.
06 | WDF Specialist Forensic Accounting Services
CONSEQUENTIAL LOSS
Special damages/loss of profits
We assess the impact of personal injury or death
on business profits and the corresponding loss of
income suffered by claimants and dependents.
We are instructed by both claimant and defendant
solicitors and adopt an even-handed and realistic
approach in our assessment of alternative
loss scenarios.
Capital loss
Our expertise in valuing businesses enables us to
provide informed and credible opinions on capital
losses that may have been suffered as a result
of business interruption.
Pension losses
We are able to carry out separate calculations
of pension loss either as part of our overall
assessment of damages or, where appropriate,
as a separate head of claim.
CIVIL FRAUD
Investigation
We meticulously investigate all appropriate
evidence in order to detect and quantify the
effect of civil fraud. We are experienced in tracing
and following assets and in advising on typical
areas for further investigation where an initial
fraud has been identified.
Presenting our findings
We present our findings meticulously and
are aware of the importance of clarity in the
explanation of our findings and the need for
sensitive and careful handling of evidence.
OTHER MATTERS
Over the years we have gained experience
in many other areas including in relation to
commercial business interruption claims,
breach of warranty, applications for security
for costs, investigating corporate failures
and in complex planning appeals.
Knowledge
08 | WDF Specialist Forensic Accounting Services
FAMILY PROCEEDINGS
A valuation as an SJE of a husband’s 49%
shareholding interest in a £230 million turnover
motor dealership to enable a settlement to be
reached immediately before a five day hearing.
Comparing the current value and liquidity of a
husband’s business interests with the position
five years before in an application by a wife to
capitalise periodical payments.
A detailed “trace and follow” analysis of numerous
hidden overseas bank accounts in an application
to overturn a judgement given in 1999.
A valuation and assessment of liquidity of a
husband’s minority shareholding interest in a
fifth generation family company undergoing
significant change attributed to “business
and economic meltdown”.
Advice on the terms of a Consent Order ring
fencing the entitlement of a wife to participate
in a return of capital through a future sale and
realisation of the husband’s interest in a VC
funded business.
A valuation and liquidity assessment of an
international group of companies with multiple
overseas subsidiaries in the Far East and around
the Pacific Basin.
Unravelling a complex series of transactions
between a number of family trusts, a series of
offshore companies and several UK companies
and unincorporated businesses.
SHARE VALUATION
Initial advice prior to proceedings in connection
with the valuation of a minority shareholding at
three different levels in a packaging company,
a printing company and a computer service
company which led to an early settlement of a
shareholder dispute.
Providing a valuation opinion in contested
Section 994 proceedings as a mutually agreed
single joint expert.
CONSEQUENTIAL LOSS
Assessment of loss in a personal injury claim,
preparing a joint report with other expert
accountants and providing alternative settlement
calculations in respect of special damages in
excess of £3 million.
Assessment of special damages in a fatal accident/
dependency claim dealing with the potential for
significantly increased earnings, inherited profit
share and capital entitlement.
OTHER MATTERS
Assessing quantum in a breach of warranty claim
arising in relation to the sale of a private company.
A detailed forensic examination of the reasons for
the failure of a private company initiative funded
by a public sector body.
Providing evidence before a planning
tribunal in relation to the business use
of commercial land over a period
of 12 years.
CASE STUDIES
OUR EXPERTS
10 | WDF Specialist Forensic Accounting Services
Jon qualified as a chartered
accountant in 1991. He
has specialised in forensic
and corporate finance work
since 1992 and has acted
as a named expert in a wide variety of cases
since 1994. He is a member of the Expert
Witness Institute and is trained as a single
joint expert.
Between 1997 and 2004 Jon was a forensic,
corporate finance and tax partner in PKF,
a national firm of chartered accountants
and business advisors. He specialises in
matrimonial and share valuation cases but
has been instructed in a wide variety of other
cases encompassing personal injury, fatal
accident/dependency, commercial loss of
profits and civil fraud.
Jon is currently instructed as an expert
witness in over 50 cases each year and has
given expert evidence in the County Courts,
the High Court and in the Principal Registry
on numerous occasions.
In addition to WDF, Jon is also a director of
JDC Corporate Finance, a specialist corporate
finance practice which acts as lead advisor
in relation to business valuations, sale and
purchase transactions. He has personally
acted as lead advisor in over 70 corporate
finance transactions and in relation to
numerous company reorganisations and
minority shareholder exits.
Jon has experience of acting in cases in
relation to most industry sectors and business
types involving businesses with sales turnover
of less than £1 million to private companies
with sales turnover in excess of £200 million.
He has also provided expert opinion in
relation to the value of share options and
carried interest in listed companies.
Jon has presented nationally and
internationally at conferences for professional
training companies, Resolution, the
Association of District Judges (by invitation)
and the Expert Witness Institute on matters
ranging from share valuation and assessing
loss of profits to instructing an accountant
and the regulatory environment.
Jon Dodge FCA CF MEWI
Roger qualified as a
chartered accountant with
PKF in London in 1970 and
became a partner in PKF’s
London office in 1975.
Since 1971, Roger has specialised in the
investigation and valuation of businesses in
connection with commercial transactions
and also disputes and litigation. From 1975
to 1984, Roger managed PKF’s London
Corporate Finance Advisory department
and advised in relation to many corporate
acquisitions, mergers and flotations as
well as carrying out investigative work
and private company share valuations in
connection with litigation.
In 1984 Roger moved to Norfolk and
over the next 20 years advised many
private family companies in East Anglia
on corporate finance matters and in
particular on the acquisition and sale of
businesses and similar transactions whilst
also being actively engaged throughout this
period in specialist forensic work which
from 1994 formed the major part of his
professional work. He is currently
instructed in over 50 cases in each year.
Roger has experience of acting in cases
in relation to most industry sectors and
business types involving businesses with
sales turnovers of less than £1 million to
private companies with sales turnovers in
excess of £250 million and much larger
listed companies.
Roger specialises in matrimonial cases
and has given expert evidence in the
County Courts, in the High Court and
in the Principal Registry on numerous
occasions.
Roger Walton FCA
12 | WDF Specialist Forensic Accounting Services
THE WDF TEAM IS WELL ESTABLISHED WITH REAL STRENGTH IN DEPTH.
Jon Dodge and Roger Walton have
over 50 years experience as specialist
forensic accountants. Both have
previously been partners in a leading
national firm of chartered accountants
and business advisors and in addition
to their forensic expertise each has
extensive general practice, corporate
finance and taxation experience.
Jon and Roger have both given expert
evidence in the High Court and County
Court of many occasions and are consulted
in over 100 cases every year. Jon and
Roger are supported by a team which has
real strength in depth.
Jon Dodge FCA CF MEWI Jon has
20 years experience as an expert
witness and is also a specialist
in corporate finance. His work
embraces matrimonial cases,
shareholder disputes and all
forms of consequential loss.
Jon has been instructed in well
over 500 cases and is currently
instructed in over 50 new cases
each year, often as a Single
Joint Expert. He has given
expert evidence in court on
many occasions.
Roger Walton FCA With over 35
years experience in forensic and
corporate finance work, Roger
works exclusively on matrimonial
cases and shareholder disputes.
Roger’s extensive experience
means that he is particularly
well placed to assist the court
in considering the effects of the
current economic climate on
the valuation and liquidity of
private companies.
Owen Marsden ACA An eight year
post qualified chartered accountant
with over 12 years practice
experience, Owen joined WDF in
2006 and specialises in both UK
and international tax matters.
Janet Parker MBA Janet has
over 20 years post qualification
experience of investigating,
understanding and advising
private companies. She has
worked on a wide range of
cases including matrimonial,
fraud and consequential loss.
Ben Cussons ACA Ben is the
newest member of the WDF
team. He is a qualified chartered
accountant with seven years
practice experience.
Jackie Collier Jackie is PA to
Jon Dodge and has overall
responsibility for managing
all aspects of the firm’s
administration function.
Karen Beattie Karen is PA to
Roger Walton and is also involved
in many of the key administration
and quality control procedures
within the firm.
Tina Frosdick Tina provides
valuable secretarial support and
is also involved in the firm’s
practice development activities.
14 | WDF Specialist Forensic Accounting Services
FREQUENTLY ASKED QUESTIONS WE THOUGHT IT WOULD BE HELPFUL TO PROVIDE ANSWERS TO SOME OF THE QUESTIONS WE ARE OFTEN ASKED WHEN FIRST APPROACHED.
WHAT ARE YOUR HOURLY RATES?
Very competitive!
We are able to pass on the cost benefits
that we enjoy as a result of being primarily
based in East Anglia. Specific details are
available on enquiry.
WHAT IS THE TURNAROUND TIME FOR A REPORT?
It varies.
Inevitably this depends on the nature
of the instruction and our existing
commitments. In most cases where
information is immediately available we
typically work to a schedule of four to
six weeks, but we are sometimes able to
report in a shorter timescale if necessary.
ARE YOU INSTRUCTED AS SINGLE JOINT EXPERTS OR AS INDIVIDUAL NAMED EXPERTS?
Both.
We are regularly instructed in each
capacity and also as expert advisers.
HAVE YOU GIVEN EVIDENCE IN COURT?
On many occasions.
Our named experts have given evidence
in the County Courts, the High Court, the
Principal Registry and in tribunals.
IS THERE A GEOGRAPHICAL LIMITATION ON YOUR WORK?
No.
We work across the UK and are
instructed by solicitors from across
the country.
WHAT IS THE TYPICAL SIZE OF CASE YOU ARE INSTRUCTED IN?
There is no typical size.
We are instructed in many “big money”
matrimonial cases, substantial dependency/
personal injury cases and other complex
cases. We are also regularly instructed in
much smaller cases where the complexity
of the issues makes our involvement
proportionate.
WHAT SORT OF CASES ARE YOU INSTRUCTED IN?
All sorts.
Although we are undoubtedly best known
for our work in the family courts and other
share valuation cases we are engaged in
a wide range of work.
DO YOU HAVE BROCHURES WITH CONTACT DETAILS AND CVS?
Yes.
All are readily available from our
website – www.waltondodgeforensic.co.uk
Clarity
“It is important to us that instructing solicitors understand what we are all about. I like to think that the number of single joint expert instructions we receive each year reflects our reputation for experience, objectivity and independence” Jon Dodge FCA CF
“The current business climate suits the approach we have always adopted at WDF. Careful and incisive consideration of the key issues in the case coupled with a sensible dose of
informed realism” Roger Walton FCA
Contact us
Walton Dodge Forensic operates from conveniently located
modern offices in Norwich with further office facilities in London.
Dencora Court, 2 Meridian Way, Norwich, NR7 0TA
Tel: 01603 703173 | Fax: 01603 434588
Email: [email protected] | Email: [email protected]
www.waltondodgeforensic.co.uk | DX: 138524 Norwich 7