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The insolvency firm has scaled up its headcount threefold to cope with an increasing number of appointments.
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WCT Advisory poaches Bentleys team as insolvency work booms
25 November 2024
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WCT Advisory Group has poached the Queensland advisory department of Bentleys to cope with an increase in demand for insolvency services brought on by ATO recovery action and the cost-of-living crisis.
The new hires will triple the size of WCT Advisory, taking its team of insolvency, restructuring and valuation experts based in Brisbane and Adelaide from five to 16.
Partner Andrew Weatherley said the big increase in staff numbers was necessary to meet client demand.
“We’re doubling down on our commitment to deliver serious results, so clients can count on deeper expertise and faster, sharper solutions, no matter how complex the challenge,” Weatherley said.
“We believe our increased offering and new collaboration will allow our clients to benefit from a strengthened service line-up to help them navigate complex financial, legal, and strategic challenges with greater depth and expertise.”
He said the main catalyst for insolvency appointments was ATO activity such as reporting to credit bodies and issuing director penalty notices.
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Latest statistics from ASIC showed a 73.5 per cent increase in appointments in October compared to the previous period, and around a 20 per cent increase from September.
Insolvencies were highest in the construction sector, with appointments surging 27 per cent in October to 1,627 compared to the same period last year, and around 80 per cent compared to 2022 figures.
The accommodation and food services sector was also heavily impacted, with appointments increasing 111 per cent year-on-year to 1,155.
“These statistics reflect the engagements we are currently undertaking,” Weatherley said.
“We expect this to continue in accordance with the ATO’s collection policy and level of small business debt.”
Former Bentleys partner Tracy Knight said she had also seen an increase in complex engagements that involved safeguarding interests in leasehold property improvements and dealing with family court matters.
She said joining WCT Advisory would provide her clients with “a more holistic” approach to insolvency services.
“We’re excited to dive deeper into their unique needs, providing insights and support to navigate even the most intricate issues with care and precision.”
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