SV licensee decides time is right

One benefit visited upon insolvency practitioners by the measures imposed to contain COVID 19 was time.

The financial support and moratoriums on insolvent trading that gave directors breathing space to consider options inevitably gave under-employed insolvency practitioners the same time to ponder their own businesses, prospects and futures.

Registered liquidator Darren Vardy, who operated as a licensee under the SV Partners umbrella in Sydney’s south, was one who found an unexpected benefit flowing from the lockdown measures.

“The beauty of the pandemic was that you had time on your hands,” Vardy told iNO this week.

“You could look at your business systems and see ways to improve them.”

As a consequence of that time spent reviewing his operation Vardy has negotiated an early and amicable exit from the arrangement with SV Partners and is striking out on his own with Insolvency Options.

“The lease was up. My license agreement was up on June 30 2023 and SV was going to change systems,” he said.

“So we shook hands and I think it’ll provide more opportunities for me to do what I do and if any conflict work comes along I’ll spear it back to them,” he said.

Moving out from underneath the SV umbrella will, Vardy said, allow him to install “more flexible systems that talk to each other” and that’s a change he might never have identified if he’d been flat out working with no time to think.

It’s a lesson to all owner operators to sit back and smell the software.