Worrells Solvency & Forensic Accountants has released its third edition of The Worrells Insolvency Report.
Their Report aims to show the extent and reach of insolvency, in all its forms, across Australia. By crunching the data, and adding anecdotal insight to the numbers, Worrells hopes it helps to soften the perception and judgement on debt issues.
The Worrells Partners collaborated on the analysis of the main binary Government bodies’ data—Australian Securities and Investments Commission (ASIC), and the Australian Financial Security Authority (AFSA)—to provide insight on the relationships between data sets to guide the business community.
Chris Cook, Partner in Worrells Brisbane, said “We know that debt affects everyone in different ways, at different times of financial journeys, be it personal or business-related debt.
Given the Report is now in its third year of being published, we are interested to see how some trends remain consistent, and some appear to change radically. For example, consistently, 90 percent of individuals choose bankruptcy for themselves as opposed to their creditors making them bankrupt. And in the corporate domain, the usefulness of the voluntary administration regime spiked dramatically in the 2016-17 financial year.”
The Report found that the number of Deed of Company Arrangements (DOCAs) successfully converting from a voluntary administration appointment has increased by 16 percent, compared to the previous financial year.
The Report is available for download via the Worrells website.
Worrells has 25 offices nationally and 26 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for 45 years.
Partner, Worrells Brisbane
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