Reflections from a lifetime of insolvency expertise.
With those whom I have connected with on LinkedIn, you may have noticed I recently posted that on 15 January 2025, I ticked over 35 years with Worrells. At the same time, I ticked over 35 years in insolvency. Thank you to all who provided kind comment on this milestone.
At the same time as noting the passing of these 35 years, it gave me cause to pause and reflect on the journey of the last 35 years with Worrells, Worrells itself, and the changing face of insolvency over that time. With the risk of taking you on a journey of reminiscing, I thought I would take the opportunity of authoring this OTP article to recount my reflections.
For those who know the Worrells story, you will know that Worrells started over 50 years ago in Brisbane, Queensland as part of a general accounting practice. In 2000, the insolvency division of the then general accounting practice broke away to establish Worrells as a dedicated insolvency firm. Since that time, the journey has been a mixture of growth, investment in technology, and people. Our dedication to simple business principles has seen Worrells grow to one of the largest insolvency firms in Australia.
So, what have been these business principles? As you would expect, a successful business is not based on one single element or factor. It’s a combination of many differing parts all coming together to guide a single purpose. That being the growth of the business. Very early on, we adopted the simple mantra of "Plain Talk, Straight Answers, Fast Results". This guided us for many years in providing stakeholders a level of service otherwise not seen in the industry at the time. But what did this actually look like? On reflection, I would outline them as follows.
Not accepting what others do as acceptable practice. Forge your own way of doing things if you see benefit in them.
Not moulding your business practices around available systems if they do not meet your goals. At Worrells, we decided at a very early stage to write our own systems, now called Workbench. A system controlled entirely in-house to meet our specific goals.
Not being afraid to provide information. Worrells was among the first, if not the very first to provide detailed file information online for stakeholders, including our fees.
Not being afraid to do the right thing under pressure from stakeholders.
These elements, together with the great people associated with Worrells over the past number of years has seen Worrells grow to a truly national firm. Worrells strives to continue to provide relevant insolvency and turnaround solutions in a difficult and often confusing space. It’s a challenge which is taken on in full confidence that Worrells has the systems and the people to meet the demands of not just stakeholders, but regulators and our own high standards. It’s delivering on those challenges which will continue to see Worrells grow.
Others will have an opportunity to comment on the next 35 years.