Perth’s top 20 insolvency firms have collectively expanded by 25 per cent over the past two years, with numbers of professional insolvency staff jumping from 210 in 2009 to 270 currently, according to data compiled for WA Business News ‘Book of Lists’.
Taylor Woodings, which is acting as the receiver and manager to Perth-based companies Compass Hotel Group and Sizer Builders, has enjoyed the fastest growth over this period.
It has lifted the number of professional insolvency staff from 15 in 2009 to 24 this year.
Deloitte has also enjoyed growth, with an increase in professional insolvency staff from 18 in 2009 to 25. Its recent work has included being appointed as receivers and managers for Bunbury chicken processor Finesse Foods.
The ‘Book of Lists’ data shows that Ferrier Hodgson remains the largest firm in the WA market, with a small increase in professional insolvency staff numbers to 29.
Other major players include McGrathNicol with 25 staff, Pitcher Parters and PPB Advisory.
Perth-based WA Insolvency Solutions, led by Chris Williamson, increased its professional insolvency staff numbers to a total of 16.
Grant Thornton, RSM Bird Cameron and HLB Mann Judd also increased the numbers in their professional insolvency departments but to a lesser degree.
A relatively new player in the WA market is BRI Ferrier, which recruited sector veteran John Carello to establish its Perth office.
While high-profile corporate collapses attract a lot of attention, the growth in the number of insolvency professionals in WA may also reflect a broader increase in company collapses.
Taylor Woodings’ analysis of the latest insolvency figures from the Australian Securities and Investments Commission showed there were 72 company collapses in March in WA, just above the previous record level of 70 in May 2009.
The firm said corporate collapses in Western Australia were at an all-time high and insolvencies were tipped to increase in the short term.
