Published on March 4, 2014
Innovation in Insolvency Welcome to Encompass “Innovation” Webinar Series 2014
Our Guest Speaker Steve has been a member of Hall Chadwick for over 15 years. As a specialist in corporate insolvency Steve is a highly regarded practitioner due to his: • Strong understanding of legal requirements and processes • Experience in solving the financial problems of many businesses in a wide range of industries • Ability to see the big picture to give valuable, considered advice Steven Gladman Partner, Hall Chadwick
Our Recent Whitepaper Reshaping Insolvency Released in December 2013 this white paper is based on our assessment of the current challenges impacting the insolvency industry and aims to provide some pertinent solutions to overcome these challenges. www.encompasscorporation.com/reshaping
This Webinar • A brief industry snapshot • New developments in 2014 • Industry challenges • How to overcome these challenges? • Is technology the answer?
Industry Snapshot 2013 Number of corporate insolvencies: • December 2013 2552 • December 2012 2618 • Fall of 2.5% Business size: • SMB with less than $100,000 assets and less than 20 staff Number of registered liquidators: • 681
Industry Snapshot ASIC Insolvency Statistics by Industry Type September - December 2013 Other (business & personal) services 623, 11% 211, 4% 118, 2% 134, 3% 124, 2% 179, 3% 1714, 31% Construction Accommodation & food services Retail trade 261, 5% 260, 5% Manufacturing 428, 8% 458, 8% 990, 18% Transport, postal & warehousing
New Developments in 2014 • The Insolvency Law Reform Bill Introduced in December 2012 effectively implements reforms previously proposed in the 2011 for “modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia.” • 1 January 2014 New processes stipulated by ARITA now require insolvency practitioners to submit a formal engagement letter to the directors of the company.
Insolvency Challenges The industry seems to attract some criticism: • Perception of client’s being overcharged • Media and government scrutiny The above have a significant impact on the reputation of an insolvency practitioner as well as the entire firm.
Insolvency Challenges What critics do not take into account: • Complexity and unpredictable nature of the job • High exposure to personal risk and liability • No guarantee of fee generation from insolvency jobs • Delivering high quality of work consistently All of the above have a significant impact on the reputation of an insolvency practitioner as well as the entire firm.
Overcoming the challenges • Seeing the full picture to identify risks and opportunities at a glance • Multi-dimensional view of commercial information • Timely communications • Compliance and due diligence • Speaking in a language that is easy to understand for stakeholders at all levels
Is technology the answer? • Fast and accurate curation of information for further analysis where required • ‘All encompassing’ document that consolidates various reports and allows drilling down • Easy collaboration and workspace sharing with a simple ‘copy/paste/ email’ action • Storage of documents for fast and easy accesses and reference throughout the job
Visualisation Can Help “With Encompass I was able to accurately understand the entire context of the situation. By seeing the full picture, I uncovered critical links that I may have otherwise missed” Mario Christodoulou - Researcher ABC Four Corners
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