COVID entrepreneurialism behind insolvency start up

When you attribute some of the blame for the failure of your insolvency firm to measures imposed to curtail COVID’s spread, it shows a certain chutzpah to then utilise a key pandemic abatement feature in spruiking your new shop.

So when an anonymous tipster advised iNO that Queensland-based insolvency operator Jarrod Sierocki had started a new outfit, imagine our bemusement on seeing the promotional video for Insolvency Advisory Accountants, which trumpets “Zero Contact Company Liquidation“, a tagline sure to appeal to directors concerned as much about contagion as creditors.

And we say bemusement dear reader because it was only in February this year that Sierocki announced the closure of SM Solvency Accountants and Insolvency Guardian his two main corporate and personal insolvency-focussed enterprises on the basis that escalating government-imposed restrictions in response to COVID “have, and continue to significantly impact our business”.

Don’t get mad, get even they say and if Sierocki’ uncovered a marketable niche then maybe he’ll even get ahead.

The promotional video features several COVID-related elements, including unsophisticated depictions of how the virus appears under electron-magnification as well as step-by-step instructions on how contactless liquidation is achieved.

Curious as to how Sierocki had returned to the insolvency fray after closing key businesses in February and resolving to have related entity SM Services (QLD) Pty Ltd wound up in the face of a $1.3 million tax debt in August, (See: Sierocki Winds Up Company With $1.3 Million In Debts) we looked a little deeper.

Insolvency Advisory Accountants is a relatively recent rebranding of another Sierocki-controlled entity that used to be called Zugzwang Software Pty Ltd, with the name change occurring in October this year.

Given that Sierocki’s one and only appointment taker Brendan Nixon left at the beginning of the year we are not sure how IAA is to prosper in insolvency, unless its principal is also planning on providing non-insolvency related advisory services.

Nixon’s pathway however seems straightforward, with the registered liquidator in August commencing his duties as a financial investigator with Queensland’s Crime and Corruption Commission.

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