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30 Jun 2021

Successful insolvency practitioners embrace tech


3 min

The robots have arrived!

‘Plain Talk, Straight Answers, Fast Results’ has been Worrells’ motto for many years. Our ability to deliver ‘Fast Results’ is, in a large part, down to our investment in our technology.

Rapid changes in workplace practices, a significant short-term decline in insolvency appointments, and rapid legislation reform has forced our business to take a long hard look at our operating practices; how much money we spend running matters, and where we can implement cost savings and efficiencies.

While others in our industry are just now recognising the opportunities that exist for automation and digitisation in the insolvency space, Worrells has been on a 20-year journey to embed technology into the way we do business. We have built a specifically designed insolvency and restructuring software, “Workbench”, that manages every aspect of our engagements and insolvency appointments.

For businesses and individuals considering a restructure or formal insolvency process, cost is often a key consideration. Being able to keep our fees low while ensuring consistency, quality control, and adding value is critical to be the firm of choice and to achieve the best outcome for all stakeholders and maximise the returns to creditors. This is especially true for appointments that fall under the new insolvency regime for small business (small business restructuring/simplified liquidations) where efficiency is a key success factor.

Other benefits of developing our own software include:

  • automating statutory and non-statutory processes that reduces human error and minimises time charging requirements

  • communicating in real-time with the full range of agencies, stakeholders, and businesses

  • adding value to reporting and investigating outputs

  • responding to any legislative or regulatory demands within our profession and accreditation by deploying software changes on demand.

Worrells’ investment in our technology and software was critical to overcoming the ongoing COVID-19 pandemic’s challenges. Our investment in technology have allowed us to seamlessly transition to work-from-home when lockdowns strike and have allowed us to continue to adapt to challenges like changed market conditions, legislation changes and remote or multi-location working.

Integrating technology is not without its challenges. Considerable time and investment are required to design, develop and implement our systems. Once implemented, the systems require oversight, maintenance and ongoing development to ensure they stay up to date.

While Worrells’ systems are best in class, we recognise and appreciate that technology can only underpin and support an organisation’s business. Our technology does not replace our teams of experts who must possess skills in interpretation, decision making and empathy so our investment in people does not come second to technology.

At the end of the day, despite the obstacles, insolvency practitioners must embrace technology if they want to achieve the best outcomes for stakeholders and creditors. By investing in our technology, we know we’ve set ourselves up for future success by safeguarding our ability to provide cost-effective solutions to our referrers and their clients.

To learn more about these solutions and what might be available for your or your clients, please contact your local Worrells partner.

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