legal technology: a buyer's guide [encompass webinar]
DESCRIPTION
Webinar originally aired February 2014. Steve Karro, Encompass Client Solutions Manager, presents the big problem at the big end of town and shows you the questions your legal practice should be asking to ensure that software solutions benefit the professional. For more information, visit www.encompasscorporation.comTRANSCRIPT
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Innovation in Insolvency
Welcome to Encompass “Innovation”
Webinar Series 2014
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Our Guest Speaker Steve has been a member of Hall Chadwick for over 15 years. As a specialist in corporate insolvency Steve is a highly regarded practitioner due to his: • Strong understanding of legal
requirements and processes • Experience in solving the financial
problems of many businesses in a wide range of industries
• Ability to see the big picture to give valuable, considered advice
Steven Gladman Partner, Hall Chadwick
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Released in December 2013 this white paper is based on our a s s e s s m e n t o f t h e c u r r e n t challenges impacting the insolvency industry and aims to provide some pertinent solutions to overcome these challenges.
www.encompasscorporation.com/reshaping
Reshaping Insolvency
Our Recent Whitepaper
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This Webinar
• A brief industry snapshot • New developments in
2014 • Industry challenges • How to overcome these
challenges? • Is technology the answer?
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Industry Snapshot 2013 Number of corporate insolvencies: • December 2013 2552 • December 2012 2618 • Fall of 2.5% Business size: • SMB with less than $100,000 assets
and less than 20 staff Number of registered liquidators: • 681
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Industry Snapshot
1714, 31%
990, 18% 458, 8%
428, 8%
260, 5%
261, 5% 179, 3% 124, 2% 134, 3% 118, 2% 211, 4%
623, 11%
ASIC Insolvency Statistics by Industry Type September - December 2013
Other (business & personal) services Construction
Accommodation & food services Retail trade
Manufacturing
Transport, postal & warehousing
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New Developments in 2014
• The Insolvency Law Reform Bill
Introduced in December 2012 effectively implements reforms previously proposed in the 2011 for “modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia.”
• 1 January 2014
New processes stipulated by ARITA now require insolvency practitioners to submit a formal engagement letter to the directors of the company.
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Insolvency Challenges
The industry seems to attract some criticism: • Perception of client’s being overcharged • Media and government scrutiny The above have a significant impact on the reputation of an insolvency practitioner as well as the entire firm.
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Insolvency Challenges
What critics do not take into account: • Complexity and unpredictable nature
of the job
• High exposure to personal risk and liability
• No guarantee of fee generation from insolvency jobs
• Delivering high quality of work - consistently
All of the above have a significant impact on the reputation of an insolvency practitioner as well as the entire firm.
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Overcoming the challenges • Seeing the full picture to
identify risks and opportunities at a glance
• Multi-dimensional view of commercial information
• Timely communications
• Compliance and due diligence
• Speaking in a language that is easy to understand for stakeholders at all levels
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Is technology the answer? • Fast and accurate curation of
information for further analysis where required
• ‘All encompassing’ document that consolidates various reports and allows drilling down
• Easy collaboration and workspace sharing with a simple ‘copy/paste/email’ action
• Storage of documents for fast and easy accesses and reference throughout the job
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Visualisation Can Help
“With Encompass I was able to accurately understand the entire context of the situation. By seeing the full picture, I uncovered critical links that I may have otherwise missed” Mario Christodoulou - Researcher ABC Four Corners