Written by Condon Associates on 6 June 2011

No doubt many have read the comments in Friday’s Financial Review indicating that the winds of change are afoot.

There has been much argy-barge over time and I can assure you there have been significant breaches of trust and much fee gouging by many members of the profession which have rightly brought about the impost that confronts us.

However, if the market place genuinely wants a reduction of cost associated with insolvency, then this will not occur by simply broadening those that can participate. Change needs to occur with how matters are approached, a focus on expediting solutions rather than constructing complications. The need for a focus on commercial realisation and creditor return maximisation, rather than problem bolstering and fee maximisation, both accounting and legal.

We have been good at finding reasons to increase costs but very limited in suggesting ways in which they can be reduced or avoided.

Change is truly necessary, lets hope what we get really does work and doesn’t just represent another shuffling of the deck chairs.

PLEASE NOTE: All information contained in the articles below was correct at time of publishing.