Worrells has announced its reasons for rebranding the insolvency and turnaround business given the immense pressures people and businesses are facing in 2022.
Given its 49-year history of delivering insolvency solutions across Australia, Worrells is well-versed in its understanding of the factors adversely effecting industry and personal finances following a tumultuous two years leading into a challenging 2022.
Worrells states that the rebrand is an organic evolution of its visual identity challenging the mould this industry traditionally embodies; and that it’s messaging and market positioning is critical to push out to those struggling with the distressing effects of financial stress.
Worrells’ Principal, Chris Darin said, “It’s awful that so many Australians personally and in business struggle mentally, physically, and emotionally with stress caused by financial pressures and inability to meet debts.”
Australians have a deeply held belief of being resilient folk, particularly in the face of natural disasters effecting all aspects of our lives. As a nation we believe in “getting on with it” and coping with rebuilding. Before COVID hit, Australians had just started to recover from bushfires that ravaged the East Coast and in Western Australia. ”COVID threw recovery into a spin and impacted businesses in many unforeseen ways giving a huge knock to our concepts of normal business practise and our working capital reserves.”
However, Worrells note that denial and “burying your head in the sand” is the biggest barrier to financial bounce back and recovery. Whilst there has been enormous Government assistance and forbearance from the Australian Taxation Office, recovery may not see sufficient results to meet compounded debts. Business and individuals will need additional assistance and advice.
“When people can share their story, their fears, their hopes with people who understand what it means to face financial strain, assets at risk, and confidence in question…the burden of facing financial reality starts to lose its influence, in most cases for all stakeholders.
Being supported by experts who want to listen and empower people and business is the best way to move through and past these challenges. On the other side of those conversations is relief and support.”
That’s why our key message is “Together, we’ll deal with it. Insolvency that puts people first,” Mr Darin explains.
Worrells estimate the number of Australians undergoing significant financial pressure has increased 10-fold since COVID-19. The Federal Budget recognises the need exists, with small business mental health programs reported to be receiving a $6.7 million funding boost in 2022/23.
In recent months, the insolvency and turnaround teams at Worrells have been appointed to high-profile administrations including Send App in Melbourne and Sydney, Condev Construction in Queensland, and recently Pivotal Homes in Southeast Queensland.
The Worrells teams report that there has been a distinct shift in the emotional impact they see and hear in speaking to people on current administrations across the country. They note that while stress and frustration are the bedfellows of losing and being owed money, the depth of stress has increased and is felt more profoundly in the world of uncertainty in which we now live.
“We’re grateful to be the brand of experts with empathy. It makes a discernible difference for how it feels to show up in our roles and jobs every day, knowing that we can have a positive impact.”
Worrells’ large network of professional advisors in the accounting, legal, and banking industries welcomed the news of the rebrand, many citing that the message of thoughtful and caring insolvency support is vital right now and aligns with the service their clients need.
Media Enquiries - Chris Darin, Principal
02 9249 1200