Personal Insolvency
Worrells has its longest history in personal insolvency, with the firm's initial introduction to the industry in conducting bankruptcy files more than 35 years ago.
We have been taking appointments as trustees in bankruptcy to individuals, combined spouses and partnerships throughout this time and have collectively taken over 9000 appointments. This is where a great part of our insolvency experience was obtained.
Most of our partners are registered as trustees in bankruptcy. That is, they are capable of taking all types of appointments as trustees under the Bankruptcy Act, either made by the debtor or by the Courts.
Personal insolvency is one of the two foundation areas of the firms. All staff obtain a grounding in insolvency by working on personal insolvency appointments and most will continue doing this type of work throughout their working life at the firm. The skills learned in this area are transferable to corporate insolvency (the other foundation area) and to forensic accounting.
We accept appointments from the small consumer style bankruptcies to large businesses and partnerships. We have also taken appointments in all states and territories and can be on site anywhere in the country on short notice, as and when required. We are not limited to any particular geographical areas.
Our experience is put to good use in financial investigations undertaken in these estates. This experience assists in the investigation of void transactions, the recovery of assets and breaches of the Bankruptcy Act. This role starts with the initial investigation to the preparation of briefs to counsel and Court appearances as necessary.
We have a policy of undertaking these investigations when it is expected that the recoveries will commercially benefit the creditors of the bankrupt, or where creditors agree that the public interest is so strong that investigation is warranted.
Related Information
Fact Sheet: BankruptcyFact Sheet: Section 73 Proposals
Fact Sheet: Getting Out of Bankruptcy
Last updated: 16.1.2008