On 11 June 2014

Adelaide’s insolvency industry is facing a major shake-up with national solvency and forensic accountancy firm Worrells expanding into South Australia.

Worrells Adelaide is headed up by well-known Adelaide insolvency practitioner, Mr Nick Cooper, and the team is expected to triple within months.

Mr Cooper said the arrival of Worrells was the most significant development in the Adelaide market in a decade and would offer a modern approach in an industry that traditionally had been slow to change.

“Worrells has built its business on proprietary software which streamlines communications and almost eliminates the paper-heavy approach of the traditional insolvency practice.” he said.

“Creditors have online access to insolvency administration information, in real-time through to the matter’s resolution. These efficiencies are also reflected in reduced fees, meaning greater returns to creditors.”

Mr Cooper said Worrells worked closely with clients of accountants and lawyers to help them overcome solvency issues, rather than necessarily take them into administration or liquidation. Worrells has already been appointed to a number of insolvency matters in South Australia, despite only recently establishing their city office.

“The Adelaide market has been relatively steady in recent months, but there are still significant pressures on businesses, particularly manufacturers.” he said.

“We have seen plenty of high profile businesses that have been able to turn themselves around by calling in expert help, but there are also a large number of cases of businesses that have waited until it is too late.”

Worrells is long established in the solvency management, insolvency administration and forensic investigation profession. 2013 saw Worrells rank at #32 within the

BRW Top 100 Accounting Firms list, and the celebration of their 40th Anniversary. Worrells has 22 partners and over 100 staff in locations across QLD, NSW, ACT, VIC and SA.

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Interviews:
Nick Cooper
Partner
Worrells Solvency + Forensic Accountants
08 8214 0501
nick.cooper@worrells.net.au

 

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