Company insolvencies in 2022 increased by 81% compared to Q2 2021 causing escalated insolvency practice caseloads. With Virtual Cabinet and Turnkey’s new digital-focused partnership, insolvency practitioners can improve their productivity and eradicate pointless admin tasks.
Cambridge, UK - 12th September 2022
Virtual Cabinet is now Turnkey’s preferred document management solution for integration with its market-leading IPS platform – further strengthening the existing partnership and creating the ultimate solution for insolvency practitioners (IPs)
The collaboration of Virtual Cabinet and Turnkey is exactly what the insolvency profession needs right now.
According to the UK Government Insolvency Service, "after seasonal adjustment, the number of company insolvencies in Q2 2022 was 13% higher than in Q1 2022 and 81% higher than in Q2 2021."
To keep up with soaring caseloads made worse by the pandemic and the cost-of-living crisis, IPs must adopt more efficient processes to help relieve their heavy workloads. Because of this pressure, insolvency firms and practitioners increasingly find they need to embrace digital transformation and adopt technology to support these processes.
It has been the mission of Virtual Cabinet and Turnkey to provide that solution for IPs, helping insolvency firms adapt in an ever-changing landscape.
Dave Owen, Global Head of Virtual Cabinet, said: “It’s imperative that as digital transformation rapidly evolves, insolvency firms have trusted software partners to deliver a successful outcome on that journey.
“Turnkey provides a first-class Case Management Tool for IPs and many of their clients are already using IPS in conjunction with Virtual Cabinet.
“With our unique understanding of the IP market, we are strategically placed to deliver industry-leading document management, e-signature, and productivity software to support this.
“We have always had a very close relationship with Turnkey and I’m delighted for our mutual clients that the two software houses have committed to an even brighter future, where integrating our current and new technologies together will help IPs to be more productive and profitable for years to come."
Darren White, Global Head of Product at Turnkey, said:. “In a time where efficiency is the professional buzzword and fee income is being squeezed more than ever before, it makes sense for Turnkey to partner with Virtual Cabinet.
“Virtual Cabinet’s vision for the future and plans for its cloud solution is closely aligned with our own aspirations for IPS Cloud. By working together, we’ll be able to provide our clients with a truly seamless and more efficient experience that will put them in the best position to adapt to the changing industry and regulations.”
Some of the game-changing benefits of the Virtual Cabinet and IPS integration include:
By using the combined features of Virtual Cabinet and IPS, Virtual Cabinet can ensure the completeness of case files, so when it comes to inspections, they can be confident that everything is accounted for, filed correctly and ready for their regulator.
With a proven track record of problem-solving for insolvency practitioners, both Virtual Cabinet and Turnkey have been working to remove profitless admin from insolvency practitioners’ daily labours and release them for more valuable tasks.
It’s the mutual opinion of the software powerhouses that seamless integration is vital for ensuring workflows and processes are effective and easy for users to adopt.
Both are proud to continue to build and optimise solutions together that can integrate seamlessly with each other.
About Virtual Cabinet
Virtual Cabinet's innovative document management software and productivity suite enable businesses of all sizes in the professional industries and financial services to become more profitable and productive by providing one central and secure way to initiate, store, retrieve, collaborate around and complete work efficiently.
With over 20 years of experience in the industry, Virtual Cabinet’s rockstar staff of over 140 people support over one million professionals across 70,000 businesses to save time, money, and effort every day.