Founded in 2008 by Partners Kim Strickland and Chris Williamson, WA Insolvency Solutions (WAIS) has evolved into an industry leader in Voluntary Administrations and Creditors’ Voluntary Liquidations.
COMPRISING of four Partners including David Hurt and Jimmy Trpcevski, experienced Principals, Managers, Business Directors and other professional support staff, the WAIS team has grown from 12 to 20+ in the past decade.
“We currently have six Liquidators and five Trustees,” says Kim. “There is no other firm in Perth with this number of Appointees.”
“Our team currently handles roughly 200 files,” adds Chris, “which cover the whole gamut of corporate and personal insolvency.”
Regional relationships key to the company’s enduring success
While WAIS’ head office is in Perth’s CBD, the team has a strong presence in a number of regional areas including Busselton, Kalgoorlie, Bunbury, Albany and Esperance. Specialist support is also provided to communities in Geraldton, Karratha, Port Hedland and Broome.
David believes the company’s long-term commitment to regional and rural areas has been key to its enduring success. “The contacts we have forged with the accountants and solicitors in the major regional areas, really appreciate that we travel and meet with them on a regular basis. That helps cement strong relationships.”
Merger with an insolvency powerhouse
In 2014, WAIS merged with Jirsch Sutherland to form a powerhouse of local expertise and national resources that quickly made it one of the state’s leading insolvency practices. During 2015 and 2016, WAIS undertook more Voluntary Administrations in WA than any other firm and nearly twice as many Creditors’ Voluntary Liquidations as their nearest competitor and continues to be an industry leader in the profession*.
“Merging with Jirsch Sutherland enables us to understand the particular needs of businesses within their respective region from coast-to-coast while also offering national experience,” explains Jimmy.
Firm milestones and standout cases
From facilitating a recapitalisation aimed at pulling an ASX-listed company out of Administration/Liquidation, to undertaking Voluntary Administrations and Deed of Company Arrangements, the WAIS team has celebrated countless milestones over the past decade.
A few standouts include involvement in the recapitalisation/re-listing of Ausroc Metals Limited (now Woomera Mining Limited, 2017), Cell Aquaculture Limited (2013) and Coziron Resources Limited (2011).
Other recent highlights involve successful Deed of Company Arrangements for Eastern Guruma Pty Ltd (EG) and Driconeq Australia Pty Ltd, and successful sales of the Mias Bakery and West Coast Milling businesses.
“With Eastern Guruma, we went from Voluntary Administration to a Deed of Company Arrangement, which will enable EG to pay its creditors in full plus five per cent interest within 12 months,” explains Kim, a joint Administrator.
Helping businesses get back on track
One critical piece of advice WAIS would like to share with readers of Business News is to be proactive.
“From a director’s viewpoint, doing something earlier rather than later, which includes utilising options available under the Corporations Act, can go a long way to potentially resurrecting business operations and mitigating potential breaches of duty under the Act,” says David.
And as Chris explains, “We can’t make bad news entirely disappear. However, we can find the best possible way forward for our clients. That means supporting them, being absolutely candid about what can and cannot be achieved, ensuring that everyone is treated fairly and respectfully, and bringing about a resolution as swiftly as humanly possible.”
Jimmy further adds that in addition to providing advice to directors, “our goal is always to ensure the accountants, advisors and solicitors are aware of the options available, so they can make their clients aware of issues as the situation arises. Early intervention is critical to a successful restructure and outcome.”
Quality Assurance guaranteed
WAIS subscribes to the ARITA Code of Professional Practice and our team belongs to and upholds the codes of practice of relevant professional organisations includingCAANZ, CPA and ARITA.
To contact WAIS, call us on 08 9463 3000 or email admin@wais.com.au
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