Bill Thomas, the CEO of KPMG, walks through their Toronto office Feb. 9, 2010.J.P. Moczulski for The Globe and Mail
BDO Canada Ltd. has acquired KPMG's consumer insolvency practice for an undisclosed price, making it one of the country's largest providers of such bankruptcy and credit counselling services.
The integrated services — which offer trustees in consumer bankruptcy, proposal administrators and credit counsellors — began operating under the BDO Canada Ltd. name effective last Friday.
BDO's financial recovery services practice consists of 76 chartered insolvency and restructuring professionals and more than 240 other professional and administrative staff combined, working in some 95 offices across the country.
Bill Courage, national insolvency practice leader of BDO Canada, said the combination of professionals will help individuals and business owners reach "win-win solutions" with creditors.
"This integration demonstrates our ongoing commitment to building and strengthening our financial recovery practice across Canada," said BDO Canada chief executive Keith Farlinger.
KPMG chief executive Bill Thomas said his company made a strategic decision to focus on its corporate restructuring and turnaround services.
"As a firm that has a strong bankruptcy practice in Canada, BDO was the best destination choice for our consumer bankruptcy team and clients," he said in a news release Monday.
BDO is the fifth-largest single national accounting and advisory partnership in Canada. It helps owner-managed businesses, large enterprises, mid-market public companies, communities and non-profit organizations in a broad range of industries.
BDO Canada LLP is a Canadian limited liability partnership and member of U.K.-based BDO International Ltd.