Written by Schon Condon in November, 2010

It seems so long ago that I remember writing an introduction to our newsletter, but then again much has happened since then.

Firstly, the Reality Check.  One of the key points in life is actually living, when the word cancer comes into focus it is something that draws a lot more into focus with it, and whilst my experience can be considered minor against some it does bring things as a whole into perspective.

Happily I can say that with necessary surgery and quick action I can put this brief dalliance with the dreaded C behind me, but before doing so, I should say publicly thank you to all those that assisted through this brief but intense period.

Good News!  It is with great pleasure and pride that I announce two recent arrivals amongst the ranks here at Condon Associates.  Firstly we welcome Hakki Hassan, who joins us as a Senior Manager with over 30 years experience across the profession, including early years in the then current regulatory body and across a wide variety of industries.  Hakki (pronounced Harki) will bring considerable strengths to our Insolvency and Forensic functions and will also assist with the training and development of our more junior staff.  It is great to have him aboard.

The second arrival is none other than the former Deputy Official Receiver Robert (Bob) Cruickshanks.  Bob has had an immense career in the field of Bankruptcy and is certainly well known if not renowned to all of the practitioners on the eastern seaboard if not nationally.  We have focussed on providing an honest, fair and responsible performance in an area which is focused on more than simply the money and the addition of Bob to our team will greatly enhance our ability to deliver better quality services in this area.

Now on to a matter I raised some months ago.  As I wrote recently in my Blog (www.condon.com.au) by now every accountant and lawyer should have received an email newsletter from all of the insolvency and pre-insolvency players advising that the ATO is finally on the rampage, and yes it was also on the front page of the Financial Review, viz “ATO Blitz on Business Tax Debt’s.”

For those businesses that have been earning less than they have been spending, the time is finally nigh, and for some the fact that they did not act earlier may well see that their options are likely to have become somewhat limited, but prompt action now could well still see alternatives provided that there is a long term ability to maintain a positive cash flow.

The follow on from this that should not be ignored is the flow on.  The fact that a debtor goes into liquidation or administration tends to bring a sudden reality that payment is not likely to be made, at least either immediately or in full.  I have oft said that the fact that the debtor was itself more than 90 days should have provided the same basis for the conclusion but many small business owners seem to prefer the clarity of a formal appointment!

So why is this relevant, well if your clients don’t have a big tax debt now, but they do have a very old Debtors Ledger then you may suggest that they prepare now for round two as they are likely to be key players in it.

On the other side, I noted recently that there is an expectation of a 15 percent shortfall of positions for this year’s University graduates in the United Kingdom, a situation which was anticipated not to be an isolated event.  Given this it will be interesting to see what larger multinational organisations do about moving the effort to where potential employees may well suddenly become, shall we say, less expensive overseas.  Something to think about, no!

Anyway, thanks for your support, and enjoy the read.

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