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The first-of-its-kind comparison site promises to make it easier for businesses exploring insolvency options in the wake of COVID-19.
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Insolvency comparison site launched
25 March 2021
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9 minute read
Insolvency Australia on Wednesday announced the launch of its namesake comparison site which will act as a centralised directory and comparison platform for business owners and their advisers to weigh up restructuring and insolvency options.
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The comparison site only lists specialists who are registered with the Australian Securities and Investments Commission (ASIC) and the Australian Financial Security Authority (AFSA).
Paul Vincent, director of Insolvency Australia, said the independent platform was created in a bid to make it easier for business owners navigate “the maze” of insolvency solutions available to them.
“There’s a definitive number of registered liquidators and bankruptcy trustees in Australia, and by having them all on one platform enables those needing advice to easily find someone in their state or territory, or who has the experience and expertise they require,” he said.
The site will be free to users and practitioners, though it will offer practitioners an opportunity to pay to upgrade their profiles to unlock premium services that include the ability to upload assets spanning videos, images and white papers, and even “blogs”.
“The site enables [practitioners] to make their profile a more powerful marketing tool 24/7 by including additional information such as expertise, achievements, areas of speciality, videos, white papers and more,” Mr Vincent said.
“It’s also a self-managed portal, so they can update their information as required.”
Mr Vincent said insolvency has become a “hot topic”, with the site emerging at a time when insolvency and bankruptcy searches have “increased significantly”.
“According to Google Trends, searches for the terms insolvency and bankruptcy in Australia have increased significantly since the pandemic was declared in March last year,” he said.
“There have been various peaks [in search volume] — including around the end of last and start of this financial year — and searches are starting to rise again, coinciding with the winding up of government stimulus measures.”
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