Welcome to Condon Associates — Forensic, Insolvency & Turnaround practitioners. Here at Condon Associates, we're a dynamic, young and committed group of professionals dedicated to the provision of quality advice and guidance in the fields of forensic accounting, insolvency and turnaround management (FIT).
We look forward to working with you to assist your clients in any of our key professional service areas.
Forensic Services.
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Insolvency — Corporate.
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Insolvency — Personal.
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Corporate Turnaround.
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SO WHO'S REALLY RUNNING THE SHOW
Friday 06 Aug 2010
In my last Blog we touched on the insolvency enquiry that is due to be released somewhere around the end of this month. This report is of course focused on the industry rather than the law. There is clearly a need for attention to be made to laws that will serve the future.
In the first round of press that the enquiry gained there was much comment about accountability, recent practitioners that had raised themselves to an abnormal level of notoriety, the adequacy of communication with relevant parties, the functionality of ASIC and other government bodies and of course, that old and very real chestnut, the level of fees charged by liquidators.
This generally leads to the introduction of the concept of Australian adopting an American style Chapter 11 insolvency solution. It is an interesting option that is lawyer driven and so costly that even the Americans are questioning its viability in anything other than large multinational entities.
One construct that is thrown up by some professionals is that the ills of the industry can be cured by changing the nature of the controller. There is no doubt that there are bad practitioners and bad practices that have crept into the industry, and they are certainly urgently in need of attention.
In ensuring that correct change is achieved we must all focus on the real needs of society, those that are meant to be served by the legislation that we manage and not merely a self centred argument over who gets the spoils. It should be an argument over what will work better and more cost effectively for society as a whole rather than a fight over which profession, legal or accounting, that pockets the fees.
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