The Journal catches up with Kenneth Krys to appreciate the new developments at his company, as it evolves from Krys & Associates to KRyS Global.
Tell us something about the evolution of KRyS Global – when did you begin operations and what type of business did you focus on predominantly initially?
The firm started in 2007 as boutique firm focused on insolvencies, liquidations and corporate recovery.
And now that the business has grown – what are your main areas of focus?
Our focus has not changed. We continue to be a boutique firm providing limited services and have simply expanded our offices and networks.
Has the need for corporate recovery, insolvency services, etc. in Cayman grown significantly in recent years? If so, why in particular?
Many would think the recession meant more companies became bankrupt. This is not quite true. What happened was the recession caused a number of investors and creditors to conduct additional due diligence on their investments and client relationships. These increased inquiries found inconsistencies and concerns which led to an additional need for our services.
How do you set your company apart from others providing the same services?
Unlike a number of other firms, we only provide insolvency, liquidation, corporate recovery and related services. We don’t do anything else. Our staff are experiences and qualified in this field. And we ensure all engagements are carried out by closely managed teams led by a dedicated director. This doesn’t happen in most firms that also provide audit, tax, and other services.
What type of presence do you have currently overseas (in terms of volume) and will you be extending that presence to other jurisdictions?
Almost all of our work has an overseas element to it. We have our four offices in the Caribbean (the Cayman Islands, British Virgin Islands, Bahamas and Bermuda) and we work with a number of other independent firms. We have strong relationships with firms in Hong Kong, Singapore, the UK, Europe and Latin/South America and often take referrals or refer work to them.
How do you feel about the business climate in general in Cayman? Has the recession affected your business significantly? How so? As mentioned above, the recession has benefited our business given the services we offer. In the long run however we need Cayman and other offshore jurisdictions to do well so there is a steady stream of opportunities.