How many times have we all heard that insolvency practitioners never pay dividends and that all available funds are invariably chewed up in fees?
It is true that across the board insolvency practitioners fees can take up a high percentage of available funds. This is not necessarily the fault of the practitioner; if the insolvent estate has few assets to begin with then, inevitably, even modest fees and charges will take a high proportion of the available funds.
At Worrells we continually reinvest our own funds to refine our computerised systems and approaches so as to make sure that our costs are kept to a minimum, and conversely the return to creditors maximised. One measure of how successful we are at this can be gauged from the number of dividends which we pay.
Uniquely amongst Australian insolvency practitioners Worrells publishes on our website details of every dividend paid. This information is available to all, and shows that during 2011/12 Worrells paid 457 separate dividends. If we deduct GEERS dividends from that total what remains is the equivalent of almost exactly one dividend for each working day throughout the year.
Not a bad effort even if we do say so ourselves!