How Insolvency Firms Can Be Ready For The Effects of COVID 19
Updated: Sep 25, 2021
The COVID-19 coronavirus is a tragedy of currently unknowable proportions, bringing devastating consequences for individuals, families and communities far beyond its epicentre.
As well as the immeasurable social impact, the spread of the virus since early January is affecting business and economic activity, with many businesses not likely see it to the other side.
This along with the recent bush fires, has resulted in a nationwide economic downfall, which will inevitably lead to an increase in the number of external administrations and personal insolvency appointments in Australia.
How Can Insolvency Firms Prepare For The Influx Of Work?
The COVID-19 coronavirus has changed the way all businesses do business, especially Liquidators and Trustees.
With most employees now working from home with the demand for employees in the insolvency sector looking to increase, the biggest obstacle for Liquidators and Trustees in the near future is finding knowledgeable and reliable staff at affordable rates.
The current minimum wage in Australia is $19.49 per hour, however the average graduate accountants hourly rate is around $27.83, with more experienced insolvency staff demanding hourly rates between $40 to $100 per hour in addition to overhead costs.
However, with most staff working from home now, many Liquidators and Trustees have been taking advantage of offshoring services, with rates from as low as $10.00 per hour, almost 1/3 the cost of an Australian graduate employee.
The problem is that many Liquidators and Trustees have been reluctant to take advantage of such a service in the past due to the concern of offshoring firms lacking the necessary skills and expertise in the area of insolvency.
This is what brought about the idea of Integrated Globaltech, the first offshoring provider, providing employees that specialise in Australian insolvency.
Currently Integrated Globaltech is working with some of the largest national insolvency firms in Australia, providing back of house insolvency services to both Liquidators and Trustees in Australia, from pre-appointment document preparation, right up to investigations and all that is in between, Integrated Globaltech can provide staff to assist.