Worrells Solvency & Forensic Accountants has released a new initiative with their inaugural The Worrells Insolvency Report 2014-15.
Their Report builds a snapshot of the Australian insolvency market, its emerging trends, the drivers that actively influence the marketplace and the effects on the people within it.
The Worrells Partners collaborated on the analysis of the pertinent Government bodies’ data—Australian Securities and Investments Commission (ASIC), and the Australian Financial Security Authority (AFSA)—to draw apt correlations with insights on the relationships between data sets to give the business community a distilled tool that reduces the noise and puts stigma into perspective.
Worrells recognise that commonly the accountant, solicitor, or advisor has the onerous task of discovering their client’s true financial position. And that responsible advisors illuminate options and enable advice that best serves their client.
Chris Cook, Partner, said “We know that more troubling is the challenge of dispelling the stigma, and softening the emotional challenges that insolvency presents”.
The Report highlights the two overarching sectors of Corporate and Personal Insolvency, and the synergies prevalent in each sector. It looks at profiles and demographics of those subject to a formal insolvency administration, it considers the impact on creditors, the relationships between business vs. non-business, and the trends between different insolvency types.
Raj Khatri, Managing Partner, said “We were intrigued to learn in creating the Report that 90 percent of bankrupts nationally, sought relief from the Bankruptcy Act, in contrast to 49 percent of company directors/members that initiated an corporate insolvency administration”.
“And that 28 percent of businesses under a voluntary administration gained creditor approval for a Deed of Company Arrangement.”
Worrells used public statistics in conjunction with their own reporting and research.
“Worrells also negotiated 42 percent of the nation’s personal insolvency agreements”, says Mr Khatri.
Worrells is a major contender in the insolvency and forensic investigation market, ranking at 32 within the 2013 BRW Top 100 Accounting Firms. However, it prides itself on having local offices to respond to local issues. Worrells provide a personalised and transparent services with 24 partners and 21 offices across Qld, NSW, ACT, VIC and SA, it draws upon broader resources and technical expertise.
Chris Cook, Partner
07 3225 4389 / 0427 172 368