Nick Leeson—Ireland’s New Insolvency Expert
After causing the collapse of the U.K.'s oldest investment bank, spending several years in a Singapore jail and over a decade reinventing his tattered image, Nick Leeson is finally back on the financial market.
Thirteen years after his release from prison, the former Barings trader, who lost 827 million pounds at the investment bank, has become an alternative insolvency practitioner at GDP Partnership in Ireland. He is set to help over-indebted borrowers negotiate deals with their banks, something Leeson should be firmly knowledgeable on.
A statement from the company's Twitter account said: "Nick's experience dealing with financial challenges will be an invaluable asset to our very strong team of professionals."
GDP is not shy of referring to Leeson's past. A press release stated he was the man "famed for his role in the collapse of Barings Bank." Leeson himself said that his past would prove invaluable for his role at GDP: "I've faced a number of difficult situations in the past and ultimately seen them turn for the better. It is often difficult to see the solution but rest assured there is always one available".
Leeson has lived in Ireland since his release and mainly focused on a career on the speaking circuit.
He will become head of GDP's Dublin office, which beside bank mediation also focuses on property consultancy - advising clients on real estate opportunities as well as restructuring and corporate finance advice.
Ireland's financial crisis, caused by a property bust, led it to seek a 67.5 billion euro ($88.5 billion) bailout from the International Monetary Fund, the European Central Bank and the European Commission. While the country has made significant progress, it is still working through its bad debts, with 12 percent of domestic mortgages in trouble at the end of last year.