Encompass & ARITA Webinar: Reshaping Insolvency with Hall Chadwick
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Transcript of Encompass & ARITA Webinar: Reshaping Insolvency with Hall Chadwick
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What Sources Do You Rely On?
Poll: What sources do you rely on to get relevant industry information?
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Our Guest Speaker Steve has been a member of Hall Chadwick for over 20 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
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Getting To Know Our Audience
Poll: How long have you been involved in your current industry?
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Released in December 2013 this white paper is based on our a s s e s s m e n t o f t h e c u r r e n t challenges impacting the insolvency industry and aims to provide some pertinent solutions to overcome these challenges.
www.encompasscorporation.com/reshaping
Reshaping Insolvency
Our Recent Whitepaper
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This Webinar
• A brief industry snapshot • New developments in
2014 • Industry challenges • How to overcome these
challenges? • Is technology the answer?
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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
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Industry Snapshot
1714, 31%
990, 18% 458, 8%
428, 8%
260, 5%
261, 5% 179, 3% 124, 2% 134, 3% 118, 2% 211, 4%
623, 11%
ASIC Insolvency Statistics by Industry Type September - December 2013
Other (business & personal) services Construction
Accommodation & food services Retail trade
Manufacturing
Transport, postal & warehousing
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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.
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Insolvency Challenges
What do you feel are the
biggest challenges faced by practitioners today?
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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.
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Insolvency Challenges
Poll: What do you consider to be the greatest industry challenges?
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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
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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
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Hall Chadwick Experience
“Using encompass has increased search efficiency and smoothness” Dave Kennedy – Intermediate Accountant
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Hall Chadwick Partner Benefits
“The Encompass pla7orm has provided ease in incorpora9ng search results into our inves9ga9ve reports and improved efficiency by a ‘one stop shop’ for our search requirements”. Steve Gladman, Partner
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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