Kelvin Kenney

Jennifer Exner

/ Partner
Direct: +61 2 9322 3875
Email:
Location:Sydney

Jennifer Exner

Background

Jenniferis a Partner of Deloitte Forensic in Sydney. She is often appointed as the expert witness in litigation proceedings or else in expert determinations. In that capacity, Jen provides accounting, taxation and financial advice through all phases of a dispute, from preliminary investigations to settlement negotiations. As with several members of this team, Jen is a qualified Chartered Accountant and she uses these skills to analyse and report on the financial aspects of complex accounting matters,determine the value of businesses and intangible assets, or assess the quantum of loss or damage.

Prior to specialising in this area, Jen provided audit, taxation, accounting and financial management advice to private corporate groups (turnover of up to $50 million per annum) and high net worth individuals.

2007 - PresentDeloitte Touche Tohmatsu

(Partner, Deloitte Forensic, Dispute Solutions)

2003 - 2007Horwath(NSW) Pty Limited

(Director/Partner - Corporate & Forensic Accounting Services)

1985 - 2003Ernst & Young

(Graduate to Partner)

1984 - 1985Vieira Kemp &Bennell, Chartered Accountants

(Graduate)

Skills and expertise

Jennifer’s financialskills and experience are commonly sought in the context of providing independent expert reports for litigation proceedings, which have involvedloss of profits and damages cases (including breach of contract),shareholder disputes, contract disputes,compulsory land acquisitions, family law proceedings, workers’ compensation matters, professional negligence claims, compensation to relatives cases, criminal proceedings andwills and probate matters.

In the course of these litigation assignments, Jennifer has given evidence as an expert witness on many occasions. She has appeared in the Family Court of Australia, the Federal Court of Australia, the Supreme Court of New South Wales, the Land & Environment Court of NSW, the Guardianship Tribunal of NSW,the NSW Consumer, Trader & Tenancy Tribunal and the District Court of NSW – Criminal Court. She has also given evidence in arbitrations and mediations.

Jen alsoprovides advice and reports in respect of the valuation of intangible assets (such as goodwill, mastheads, formulations and royalties) for commercial transactions, rather than litigation purposes. These assignments typically concernthe purchase, sale or restructure of businesses, or else are undertaken for the purpose ofproper accounting disclosure, determining the cost base or market value of an asset or entity for capital gains tax or stamp duty purposes.

Professional and academic qualifications

  • Member of the Institute of Chartered Accountants in Australia (ICAA)
  • Bachelor of Economics (Majors in Accounting and Economics), Macquarie University

Memberships and publications

  • Member of the Australian Institute of Company Directors
  • Author of “Accounting Issues in Family Law”, contributed to Expert Evidence edited by Freckleton& Selby (© Lawbook Co; last revised in 2010) and released as the text Expert Evidence in Family Law (LBC Information Services, 1999)
  • Author and presenter of technical papers at seminars on the subject of valuation and related matters for accountants, lawyers and industry associations

Professional experience

Jen has had carriage of and delivered a diverse range of assignments, which include the following:

  • Quantification of damages and loss of profits in commercial litigation matters, more recently includinga dispute in relation to the consideration paid on the acquisition of a motor dealership business, disputes in relation to business interruption (including damage to business premises) and damagesarising from the supply of an allegedly defective product packaging machine.
  • Appointment as the expert in expert determinations concerning sale and purchase contract disputes. A recent case involved the calculation of an earn-out amount (the ‘at risk’ payment) in accordance with the terms of the Share Sale Agreement. Specifically, the opinions sought regarded the appropriateness of normalisation adjustments proposed by the purchaser for the purpose of determining the company’s ‘Maintainable EBITDA’ during the earn-out period and the determination of the ‘final percentage interest’ of a stakeholder in accordance with the Subscription Agreement.This involved the co-ordination of submissions from the parties, interpretation of the relevant adjustment mechanism principles and determination of the appropriate normalisation adjustments.
  • Assessment of the capital sum required to produce a weekly income or annuity sufficient for the payment of living expenses for beneficiaries of deceased estates.
  • Quantification of loss allegedly suffered by an applicant in relation to the performance of an employment contract, including a claim for losses in accepting employment with the respondent rather than continuing as a partner of a professional services firm
  • Quantification of loss in cases involving wrongful dismissal claims, including the use of data analytics techniques and the presentation of findings to a jury.
  • Court appointment as a referee in a matter involving the correct classification of transactions for the purposes of the reconstruction of financial statements and the determination of amounts due to related parties and third party creditors over a substantial period.
  • Numerous joint appointments to act as the single expert witness for all parties to family law proceedings for the purpose of determining the fair market value of the financial debt and equity interests of the parties, typically in respect of groups of companies, trusts, superannuation funds and other commercial ventures. Such assignments often include valuations of businesses and investigations that involve complex accounting, taxation and financial matters over extended periods.
  • Numerous appointments to act as a “shadow expert” for one party in family law proceedings, including providing advice to the CXOs of ASX20 and ASX200 companies and their legal advisers. This work usually involves determining the value of the matrimonial pool of assets, interpreting and critiquing reports filed by other experts,providing tax advice and assisting in case management and strategy.
  • Valuations of businesses in the following industries:
  • retailers - motor & motor cycle dealerships, consumer staples including household products and food franchises, consumer discretionary products including clothing
  • manufacturers - foodstuffs, animal pharmaceutical products, foundry
  • importers and exporters - consumer staples, including food and beverages, and household products
  • wholesalers - niche groceries, computer hardware
  • professional service providers - mortgage broker, freight agency, medical practitioners, solicitors, financial planners
  • agriculture - cattle graziers, grain traders, mushroom growers, wine producers, tea tree oil producers
  • property - developers, construction
  • other - film producers, media (magazine publishers).

where such valuations are for restructuring, sale/purchase, allegations of oppression against the minority shareholders, professional negligence, divorce proceedings or other purposes.

  • Investigations to assess the income and expenses of high net worth individuals, including the determination of the amount of income derived by an individual from international dealings conducted by a private gaming syndicate over a substantial period.
  • Assessments of financial performance and financial position of companies for security for costs applications.