Spotlight on WA Insolvency Solutions

A commitment to high-quality insolvency and business turnaround guidance were key drivers behind WA-based WAIS Insolvency Solutions being named the No. 1 firm by appointment volume for FY24 in Insolvency Australia’s latest Corporate Insolvency Index. This achievement follows the firm’s No. 1 placement for the half-year on the same index.

As well as the No. 1 accolade, 2024 also sees WAIS celebrating the 10^th anniversary of its merger with Jirsch Sutherland to become the firm’s West Australian division. At the time, the merger was part of Jirsch Sutherland’s strategy to become a key national firm – an aim that has since been well achieved.

Regional expertise

After being established in 2007, WAIS has evolved and continued to grow to include the next generation of talented and experienced business and personal insolvency specialists, including WA Managing Partner Jimmy Trpcevski, who has been with the firm (in its previous iteration) since 2005, and Partners David Hurt and Greg Prout, who joined in 2002. The firm’s regional expertise is a major point of difference. While its head office is based in Perth, there are part-time offices in Bunbury, Kalgoorlie and Albany that also service Busselton, Geraldton, Karratha, Port Hedland, Esperance and Broome.

“Our long-term commitment to regional and rural areas is the backbone of WAIS’ ensuring success,” Trpcevski says. “Being named as the leading insolvency firm for WA reflects our work, relationships, and reputation in the WA business community for assisting those in need during times of financial distress. The result is also testament to our skilled, hardworking and dedicated staff, who provide invaluable support to our Partners.”

It’s been a challenging year for many WA businesses and individuals – a situation reflected in the number of external administrations and personal insolvencies WAIS has been dealing with. During FY24, WAIS dealt with an increasing number of matters including 3 official liquidations, 5 Deeds of Company Arrangement, 60 Creditors Voluntary Liquidations and 18 Voluntary Administrations. It successfully handled Voluntary Administrations for companies such as Face Halo, Karlayura Contracting, MCW Corporation (trading as Perth Security Services), The University Child Care Club (Unicare), Total Valve Solutions, and Lithium Lakes.

“Our firm provides tailored solutions that are results and outcome-driven,” Trpcevski says. “In all matters, we ensure we provide every stakeholder with empathy, understanding, professionalism and integrity.”

Committed team and global reach

WAIS provides specialist business recovery, corporate and personal insolvency solutions to businesses, individuals and advisers in metropolitan and regional WA, and across Australia. Its team of experts comprises 5 Registered Liquidators and 4 Registered Bankruptcy Trustees, all supported by a skilled and dedicated team of insolvency and business recovery professionals.  It also has a global reach through Jirsch Sutherland’s membership of the GRIP (Global Restructuring and Insolvency Professionals) network, and a dedicated Asia Deck designed for Asian-Australian business owners and directors.

The firm is also committed to giving back to local and business communities and is a long-time supporter of RINWA and a previous sponsor of its AGM, demonstrating its dedication to supporting new participants in the insolvency industry.

Trpcevski says future challenges include the continued focus by the ATO on its tax-collection activities, which has coincided with the cost-of-living crisis, cash-flow pressures, industry instabilities and director and shareholder disputes, which will likely push many more businesses and individuals to the brink. “All of this reinforces the need for financially distressed businesses to seek guidance from trusted advisers as soon as possible – before the pressures increase even more,” he adds.