Stratos Legal’s latest interim insolvency appointments rankings show the firms that were leading as at June 30 2017 are mostly maintaining their dominance in 2018.
When it comes to creditors voluntary liquidations (CVLs), Worrells is leading the pack nationally thanks to its preeminence in Queensland and Victoria.
It also performed strongly in New South Wales, ranking second only to Dominic Calabretta’s Mackay Goodwin which was NSW’s CVL front runner this time last year.
Outside of Queensland, Victoria and New South Wales RSM has collected the lion’s share of CVLs, as it did in the previous corresponding period.
In terms of significant shifts, Artemis Insolvency, the outfit set up by ex-Vincents partner Peter Dinoris slipped out of the top five in Queensland after a third placing at the halfway mark last year and Worrells’ rival SV Partners finish the first six months in third place in Queensland, just one appointment behind SM Solvency Accountants.
This time last year SV Partners was also ranking third in CVLs in Queensland but was 21 appointments behind the Jarrod Sierocki-backed SM Solvency Accountants, which has seen its share of CVLs slip about 20 per cent compared to this time last year.
In terms of court-appointed Liquidations PPB Advisory (PPBA) has really put the foot to floor NSW and Victoria this year, surging to the top ranking in both states in a timely move sure to please the firm’s acquirers at PwC.
In Queensland, Rodgers Reidy has stormed to the lead, displacing last year’s interim period frontrunners Worrells and Vincents in the court-appointed category.
When it comes to voluntary administrations, Worrells is again well placed in Queensland and Victoria while in New South Wales Cor Cordis has opened up a sizeable lead on last year’s interim leader Mackay Goodwin.
Grant Thornton meanwhile has snatched the lead in Victorian VAs at the halfway point this year, dislodging its Arrium successor KordaMentha which has in fact fallen out of the top five in the state of Andrewstan. On the upside for Kordas, it’s returning robust VA numbers from West Australia.
For the full rankings and to see how they compare with 2017 see the tables below.
CVLs six months to June 30, 2018
CVLs six months to June 30,2017
Court Liquidations six months to June 30, 2018
Court Liquidations six months to June 30, 2017
Voluntary Administrations six months to June 30, 2018
Voluntary Administrations six months to June 30, 2017
Further reading:
“in a timely move sure to please the firm’s acquirers at PwC”…
Given that the standard off liq results in costs but no fees (maybe a chance at some minimal asset-less administration funding), I’m not too sure that taking on a large number of these appointments is what PwC is hoping that it gets when the PPB takeover goes live on 1 August.
The majority of smaller firms on the list eg. one office firms would be taking these jobs on spec and hoping there is something in them which is dangerous
Accountant – Then who would you suggest should take on those small jobs on spec? The larger firms (why would they)? The govt (pay higher taxes anyone?) No one? The SME directors would then be deprived of a orderly avenue to deal with their company’s affairs then. Solutions, not problems.
Svengali – that’s why you’re not an accountant. Losses don’t pay the bills. The market will work it out. Accountant
This is a news portal for the insolvency industry.
We\’re talking about a problem: How can small, minimal-assets companies be wound up in an orderly fashion under a legal framework in the fairest manner for all stakeholders affected. Basically through insolvency firms.
Your answer is a non-answer.
The effects of your approach are that no liquidators would want to be appointed over small assetless companies. Resulting in no resolution for creditors of these companies, an outdated ASIC companies register, and possibly unpaid employee entitlements not being able to be dealt with under FEG.
Smart Liquidators/firms wouldn’t take voluntary work on spec unless there are sufficient assets/recoveries or the upfront fee is sufficient. With the industry funding model kicking in Jan 2019 over time you’ll find there are less Liquidators practicising and those who are will require more upfront before they consent on jobs.
Voila – the market reacting and less jobs being taken on spec 🙂
Accountant – get many director folk paying $15k for a winding up? It aint 1998 anymore, but if you feel like paying $30 for a compact disk and doing the Macarena, be my guest.