After a couple of decades in insolvency, you learn that no two jobs are ever the same, but the principles that keep them on track rarely change. The paperwork, the people, the problems, all familiar, but each with its own twist.
Over the years, I have found that when you strip away the chaos, there are 6 things that consistently make or break an insolvency job.
Think of them as the pillars that hold the whole process together.
Like everything I generally write, these don’t come from a textbook; they come from experience, hard lessons, and a genuine respect for the work I do.
1. Keep Stakeholders on Side
Insolvency is stressful for everyone involved. Directors are anxious, creditors are frustrated, and employees are worried about their livelihoods. The one thing that makes it all worse is silence.
No one likes surprises, least of all in this line of work. Managing expectations and communicating clearly is half the job. You do not need to have all the answers on day one, but you do need to be transparent about what is happening and why.
The aim is not to make everyone happy because that is impossible. It is to make them feel heard and respected.
When stakeholders feel they are being treated fairly and kept in the loop, you prevent most of the unnecessary drama that can derail an otherwise solid job.
2. Lock Down the Assets and Maximise Recoveries
The first rule of insolvency is to control the assets before someone else does.
The second rule is to see rule one.
Assets have a habit of disappearing when no one is watching. If you are not quick, organised, and thorough, value slips through the cracks. Move fast, get control, and document everything.
Never assume goodwill or cooperation, even from the people who seem friendly.
Your duty is to the creditors, and every dollar recovered counts. Treat each recovery as if it were your own money, and your results and reputation will reflect that.
3. Stay Sharp and Play by the Rules
This profession has rules for a reason. They exist to protect creditors, directors, and, most importantly, myself.
There is always pressure to take shortcuts or make exceptions, but that is how reputations and registrations are lost.
Like any job, doing the job properly, keeping your independence, and making sure every step can stand up to scrutiny is the key.
The best defence to scrutiny is a clean, documented file and a clear conscience.
4. Minimise the Risk of Getting Sued
The best liquidators and trustees do not just fix problems; they avoid them.
That means thinking ahead, documenting decisions, and being commercial in your decisions.
If something does not feel right, it probably is not. In insolvency, you need to trust your instincts and investigate early.
You will know you are doing the job right when you rarely need to defend it.
Lucky enough at Worrells, we have spent decades building and refining our collective knowledge and rules into our internal software called “Workbench”. It allows us to dot the “i”s and cross the “t”s on every job. No system is perfect, but like anything in business, you need a structure that lets you report, measure, and respond to change.
5. Lead the Team and Set the Tone
Even the best systems fail without leadership.
Setting expectations, mentoring staff, and making calm, consistent decisions keep the practice steady when a job gets messy.
Insolvency work is a team effort: analysts, administrators, lawyers, valuers, and agents all play a part.
A good practitioner leads by example... decisive, professional, and always maintaining standards.
The team mirrors the practitioner. If you are calm, thorough, and fair, the job will be too.
6. Find a Way to Enjoy the Chaos
Let us be honest, insolvency is not for the faint-hearted.
It is messy, emotional, and often thankless. But it is also one of the most rewarding professions out there when you learn to appreciate what it is really about: bringing order to chaos.
Every job is different, the stakes are high, and the stories are rarely boring.
If you can find satisfaction in unravelling the mess and helping businesses or individuals move forward, you will last in this industry.
A sense of humour does not hurt. Sometimes the only way to get through the absurdity is to laugh at it. If you cannot, you are probably in the wrong game.
Final Thoughts
Running insolvency jobs well is not about ticking boxes or quoting sections of the Act. It is about judgment, discipline, and people skills.
The best practitioners I know share one thing in common: they stay calm, fair, and consistent no matter what gets thrown at them. They do not chase glory or numbers; they chase good outcomes.
Bearing these pillars in mind running my jobs over the years has allowed me to survive in this profession, build a career and hopefully the respect of my peers and colleagues.
