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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.


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.


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


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


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


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.


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

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