Worrells and Olvera Advisors have both promoted staff as they grow to meet the challenge of more businesses in trouble.
Insolvency specialists expand to cope with rising demand
Insolvency specialist Worrells has promoted nine principals from within its staff ranks effective from 1 July.
The promotions – Andrew Worrell, James Robba, Jody Ross, Alex Siu, Brendan Giles, Crystal Wright, Youssef Sarakbi, Rita Chan and Georgie Harrison – take the total number of principals to 34 across 28 offices.
Principal Paul Burness said the appointments reflect a commitment by the firm – now in its 50th year –to foster the next generation of leaders across all core lines of business.
“We are thrilled to recognise these individuals who continue to uphold Worrells’ core values, display a high level of skill and talent in their areas of expertise, and deliver exceptional service,” he said.
“In recent years we’ve seen insolvencies rise in the aftermath of the pandemic, so it’s fundamental to us that we recognise the professional development of each staff member and support the industry’s future leaders.”
“Our team understand insolvency to the deepest level as registered liquidators and bankruptcy trustees, which means we’re able to provide the best options and advice to anyone affected by an insolvency situation.”
Meanwhile, restructuring and insolvency specialist Olvera Advisors has named four new partners as it pursues expansion plans.
The firm said industry veteran Neil Cussen as well as Mike Billingsley, Robyn Karam and Tony Wright bring decades of specialist experience from restructuring and insolvency work across retail, hospitality, mining, manufacturing, transport and Asian markets.
Founding principals Kate Barnet and Damien Hodgkinson are excited by the opportunities the recruits will bring.
“Olvera’s expansion makes us one of the leading specialist restructuring and insolvency specialists in Australia and we are delighted to welcome such an experienced group of partners as well as a number of senior directors to our practice,” said Ms Barnet.
“The new Olvera partners each have more than 25 years’ experience and we look forward to the value they will be able to provide clients as we help them to navigate this dynamic business environment.”
The arrivals added diversity to Olvera at a time when many businesses face a challenging economic environment.
Mr Hodgkinson said Olvera was established to give specialised advice and expertise “and we are starting to see an uptick in demand for our services”.
“There are certain areas of the economy which are coming under pressure and Olvera has bolstered its expertise to prepare for a rise in restructuring and insolvency work over the coming months,” he said.
Olvera was established in 2020 to offer services in formal and informal restructuring, insolvencies, CFO advisory, risk management and forensics. The firm plans to expand operations further by opening a Singapore office in early 2024.