Insolvency Accountant

Describe business: 

ALA FINANCIAL ADVISORY is an insolvency practice focusing on providing simple and effective solutions to financially stressed business owners and individuals.

We are CA, CPA and ARITA-qualified accountants. We have worked in the Insolvency industry for decades and we have vast experience managing both corporate and personal insolvency matters.

Our practice prides itself on achieving the best outcome speedily and efficiently for all stakeholders. Our team has extensive experience in most industries including manufacturing, retail, construction, finance, service industries and other innumerable commercial enterprises.

Website:https://crossroadsinsolvency.com.au/about-us/

The Role: 

An accountant specialising in insolvency manages financial affairs during corporate and personal insolvency administrations. This specialised role requires not only a deep understanding of accounting principles but also comprehensive knowledge of legislation and regulatory frameworks pertinent to insolvency. The Insolvency Accountant collaborates with stakeholders, legal professionals, and regulatory bodies to facilitate the recovery of assets, maximizing returns for creditors and mitigating losses for debtors. The primary job responsibilities are as follows:

1. Financial Analysis: Conduct comprehensive financial analysis of insolvent entities, including reviewing financial and cash flow statements to assess financial position and solvency. Identify potential concerns and asset recovery opportunities through asset registration and depreciation schedule review.
2. Liaise with external accountants and solicitors to seek necessary documentation and support for the investigation of the Company’ affairs.

3. Insolvency Case Management: Oversee all aspects of corporate and     personal insolvency cases, including liquidation, administration, receivership, and bankruptcy. Key responsibilities include:

• Asset Management: Develop strategies to maximize asset recovery, liaise with financial institutions, and review receivables. Coordinate with external parties for asset realization.
• Creditor and Employee Relations: Serve as a liaison between creditors and debtors, provide updates on case progress, and address inquiries. Prepare reports and handle payroll records.
• Investigation: Conduct thorough investigations into business affairs, prepare investigative files, and liaise with legal professionals if necessary.
• Dividend Distribution: Correspond with creditors regarding dividend distribution and prepare dividend calculations.

4. Accounting Records Maintenance: Maintain accurate and up-to-date accounting records for insolvent entities, including recording transactions, reconciling accounts, and tracking expenses.

5. Accounting Software Proficiency: Utilize insolvency software like the Insolvency Practitioner System (IPS) for automation and accuracy. Use accounting software such as Xero and MYOB for financial analysis and investigation.

6 Legislation Compliance and Ethics: Ensure compliance with insolvency laws and ethical practices. Meet reporting obligations to regulatory bodies and stay updated on legislative changes.

7. Stakeholder Communication: Engage with internal stakeholders to gather company information and collaborate with external stakeholders such as auditors and solicitors to address financial issues and ensure compliance.

Skilled and experience requirements:

1. Work experience: Having more than two years of highly related work experience in accounting, auditing, financial analysis, or insolvency is typically required.
2. Education background:
   1. A Bachelor or master’s degree in professional accounting, finance and business from an Australian University.
   2. Specialized training or certification in insolvency accounting or related fields is required.

1. Knowledge of Insolvency Laws and Regulations: 
   Understanding of relevant laws, regulations, and procedures, including bankruptcy, liquidation, restructuring, and jurisdictional requirements.

1. Financial Analysis Skills: 
   Proficiency in analyzing financial statements, assessing solvency, and cash flows, and identifying financial trends.
2. Taxation Knowledge: 
   Familiarity with tax laws, especially concerning insolvency proceedings and their tax implications.
3. Communication Skills: 
   Strong written and verbal communication skills for report preparation, stakeholder communication, negotiation, and presentations.
4. Analytical and Problem-Solving Skills: 
   Ability to analyze complex financial data, identify issues, and develop strategies, including assessing business viability, proposing restructuring plans, or recommending liquidation options.
5. Attention to Detail: 
   Essential for accuracy in handling intricate financial records and legal documents, ensuring compliance with regulations.
6. Teamwork and Collaboration: 
   Ability to collaborate effectively within multidisciplinary teams and with external stakeholders, such as lawyers and financial advisors.
7. Ethical Standards: 
   Commitment to high ethical standards and professional integrity, particularly critical in managing sensitive financial situations and fiduciary responsibilities.
8. Adaptability and Resilience: 
   Ability to adapt and thrive in the challenging and dynamic environment of insolvency accounting, including handling pressure and rapid changes effectively.

Reporting channel:

• Report to the Senior Manager and Liquidator