Here, you will find case studies relating to administrations Worrells have managed.
Our Case Studies
Dealing with the unknown in the face of a death and the debt left behind, is a stressful time. This case study gives some guidance into how an insolvent deceased estate can become a bankrupt estate, thereby relieving the executors of the stress and challenges associated with the deceased's creditors.
A common misconception is that assets held in trust can only be realised for the trust beneficiaries. Some believe an automatic change of trustee upon liquidation would put the matter beyond doubt, but liquidators will not hesitate to secure and realise trust assets whenever the law allows.
In this case, Worrells were appointed in time to save the business. This case study shows how if positive action is taken, before a business's financial position becomes irretrievable, business survival is possible no matter how its financial position appears.
In this case, Worrells was appointed in time to avoid a business closure and liquidation. This case study highlights that if proactive action is taken before a business’s financial position becomes inevitable, business survival is possible—no matter how bleak the financial position may appear at first glance.
Too often we see the fallout from ‘bad advice’ taken and we need to raise awareness on what constitutes sound advice; and to illuminate the importance of working with a good advisor. While calling our case study ‘choose your own adventure’ might sound flippant—we’ve used this intentionally to expose the severity of financial decisions in stressful times.
We find that bankruptcy is frequently misunderstood, often considered an option of last resort, and for some, it seems the end of the world.
Sarah is a nurse who used to earn $70,000 including tax and superannuation. Unfortunately, she lost her job and has a large credit card debt that has been building to unsustainable levels as she’s been paying the minimum repayment for over a year. Her debts total some $80,000 and her only asset is a car that is worth $6,000.
This is the atypical case of a company trading as ‘We Buy Any Car’ that lost no less than $9,848,090 in 12 months. This incredible company debt equates to an average loss of over $175,000 for every week of trade.