With over 30 years experience in insolvency, turnaround, litigation support, forensic accounting, special investigations and valuations, Schon Condon has seen and done a lot! It’s not surprising then that Schon is adept at providing all types of advice and feedback.

Check in regularly as Schon shares his thoughts about what’s going on in the industry as well as providing relevant and timely advice. In these difficult financial times — this is one blog spot you do not want to miss.

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2014
2015
2016
2017
  • Let's Have a Second Crack at that DPN!
    2017, Blog posts
    Recently we have received, or in the alternate the accountant, solicitor or director involved has received and notified us in respect to Director Penalty Notices (DPN's) that had recently been issued that relate to earlier outstanding tax liabilities which remain outstanding today but had purportedly been dealt with, and...
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  • That Number Four Again
    2017, Blog posts, General
    It was interesting to note the reaction to the stuff up in this week’s Academy Awards and the media aftermath that has ensued!  As everyone is aware the envelope, contents, passing or something of the last award was wrong and finally the member of the Big Four responsible declared...
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  • Interesting From The US
    2017, Government, Insolvency
    Amidst all the hype and hoo-hah of the US Presidential election along with the post inauguration debates on who can do what, and who can’t. Including the potential realisation that there may well be American laws written that are devoid of judicial review, and thus outside of the...
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  • A Fond Farewell
    2017, Blog posts, General
    Welcome to 2017! Some may have noticed a short absence in our blogging, in one sense our apologies, and in another a break can often be refreshing. Sadly I lost my Father, Vernon John Condon, late last year, he had developed a secondary bone cancer that had begun to expand at...
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  • Condon Update - Condon Associates Group Celebrate a Decade under Current Name
    2016, General
    Whilst the Practice has actually been in operation for over 25 years, we have now completed ten years under our current brand. We celebrated our birthday in diamond style with excellent company of our valued clients who over the years have supported us to help mark the momentous occasion. Under...
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  • Retention of title: Is the debt secured or unsecured?
    2016, Insolvency, Legal
    In the recent Federal Court decision of Hussain v CSR Building Products Limited, in the matter of FPJ Group Pty Ltd (In Liq) FCA 392, the Liquidators of FPJ Group Pty Ltd (In Liquidation ) ( “FPJ Group”) failed to recover unfair preferences from CSR Building Products Ltd...
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  • The Father of Double-Entry Bookkeeping
    2016, General Accounting
    Luca Pacioli, was a Franciscan friar born around 1446, in Borgo San Sepolcro in what is now Northern Italy. It is believed that he died in the same town on 19 June 1517. He is best remembered for his 615-page mathematical compendium, Summa de Arithmetica Geometria Proportioni et Proportionalita,...
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  • Governance, a World Issue with Divided Views
    2016, General
    After a fairly short trip to Europe I feel I have returned to what has a real sense of continuing interested times. One’s perspective is certainly varied when one reads and listens to the views expressed internally elsewhere. I left Australia with the government talking up the future and there...
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  • Well, We Wander in Interesting Times
    2016, Articles, Finance, General
    The last month has really become an eye opener, hasn’t it? There’s the BREXIT, an election result that whilst not predicted should have been seriously anticipated and a continually wavering confidence in the markets. One thing that the BREXIT poll did show up however is the real value in compulsory...
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  • DOWN, AND DOWN WE GO
    2016, Finance
    Well the RBA has done it again, we are now at the lowest interest rate levels since the establishment of the RBA, and with the (predicted) change I am yet to hear a cry of, “Great news this will work, just watch everything change.” We are continually being advised by...
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  • Do cars hold a secret?
    2016
    Recently I was talking to a doctor I met in passing, one a tad younger than I, and in idol conversation we talked about the world, the universe and nothing!  However during our conversation we discovered that we both had a general interest in cars.  So as the conversation...
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  • Where has reality gone?
    2016
    It was interesting to hear this week that Ellen DeGeneres is being sued for having miss pronounced someone’s name on her show.  Later that night I regretfully heard an ABC personality miss pronounce Wallacia as WALL-A-CHEE-A.  The error was shortly afterwards brought to the announcer’s attention and the situation...
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  • An interesting perspective
    2016
    I received the today from a good friend in one of his newsletters, thanks Mark Eades (CBA Chatswood) and it contains a salutary message worth considering.  No doubt others have seen this circulate the web from time to time.  I do hope you enjoy it.   ‘A boat is docked in...
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  • It’ll be a joke
    2016
    Today I have signed off on the closure of one of our corporate windings up, and in light of the recent proposed changes to the Bankruptcy Act, I feel compelled to tell the story publicly. The story begins with a group of Chinese investors who decide to establish a small...
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  • Here we go again.
    2016
    Sometimes I just stand back bewildered at what goes on.  If you read “Why Arrium’s banks lost patience” (AFR 14Apr2016) you just may well be forgiven for simply throwing your hands in the air and saying why bother. Clearly Arrium is a significant matter that will gain the focus of...
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  • Lessons from history with Schon
    2016
    In a recent presentation, I did for our forum on Bankruptcy, I looked for the origins of the three-year term of a Bankruptcy and found the origins in Republican Rome in the “Great Reform Bill of Rome” dated 377BC. It was here that the original three-year period of Bankruptcy...
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  • The aftermath of Dick Smith
    2016
    It will be interesting to see what comes out of the aftermath of the Dick Smith collapse, there are already statements being made that the Secured Creditors will suffer an ‘enormous’ shortfall and thus everyone that stands behind them will fair even worse. The receivers are now looking toward...
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  • How much is enough?
    2016
    Whenever financial times are strained everyone looks to cutbacks, none more so than Governments. Moving further, one of the most significant costs here is staffing, and commonly there are either employment freezes, voluntary redundancies or other measures put into place.  Rarely do the systems change, and thus often fewer...
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  • 62 People
    2016
    It is interesting to note that recently it was reported that 62 people in the world personally control 50 percent of the world’s wealth. This is in itself a stunning situation. Most people’s Facebook ‘friend’s’ page would stretch well beyond 62 people. Consider it this way, if you looked at...
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  • A Chinese company called ... ... Bradfield?
    2016
    I recently almost fell off my chair when I read of a Chinese company, not only suggesting, but offering to pay for an expansion of the impending new rail tunnel so that it would be capable of not only carrying the new Metro Line but also a high-speed east coast...
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  • Governance? Are we really for real
    2016
    As we closed out 2015, the report on certain aspects of the Trade Union Movement was in the process of being handed down and many were still reeling from some of the issues it has exposed. Realistically, it continues as further discussion comes up about other payments that people...
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  • Happy New Year
    2016
    Hi All, Just a quick note to say we are back on deck and seriously looking forward to 2016!  Our serious plan this year is to fix businesses.  Something in my heart (and my stomach) tells me it will be a year to remember, let’s hope it’s for the right...
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  • Time for calm and rest
    2015
    Things have been somewhat hectic over the last few weeks and there have been a multiple of issues that I still intend to comment on but I intend to save that for next year. It now falls to that part of the year where, at least (and increasingly so) briefly...
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  • Let’s get real
    2015
    I listened to the radio this morning and the topic quickly flowed to the desperate need for investment into innovation in this country.  Halleluiah I say!  It is about time we started to seriously look at all forms of investment in this country rather than simply property, superannuation and...
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  • Here we go again!
    2015
    I note with interest in the press recently that, with the new Prime Minister putting an open mind to matters pressing at the Australian economy, the insolvency world is to once again confront and consider the possibility of an American styled Chapter 11 process for the potential resolution of...
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  • It’s still an expense
    2015
    Recently the significant increase in revenue from speed and red light cameras came to the forefront as a result of the significant boost that it represents to State Government income, and that it certainly is. However on the other side of the equation there is quite likely to be a...
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  • Around and around we go
    2015
    It is really interesting to see all the current flurry of activity in relation to the sins of the Volkswagen diesel emissions affair and the potential ramping up of Class Action legal suits all over the place. Firstly I will make it clear that I do not in any way...
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  • Dying someone else’s death
    2015
    It is interesting to see recent commentary on both the taxi industry, in particular in relation to Uber, and the newsagent business model where both are facing an even more perilous future. Often we will see businesses that have failed due to their own inability or unwillingness to read the...
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  • Just dump it
    2015
    It will be very interesting to see how the Royal Commission and the Courts react to the recent revelations of the dumping of a significant quantity of records by one of the Unions involved in the Royal Commission.  Both the disposal of records and lack of retention of records...
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  • Congratulations, again!
    2015
    This update is a very personal one but I will again take the opportunity to congratulate my Great Aunt Iris Condon, of Portland NSW, on her birthday, her 102nd, still retaining her faculties and capable of dishing up some cheek it is something that we are justifiably proud of. Having...
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  • Conflict of interest?
    2015
    It has been interesting to see the reactions to the situation that the Trade Union Royal Commissioner, Justice Dyson Heydon has found himself in. The push for claims of conflict are most frequently driven by those that are likely to be caught by the process being conducted, be it...
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  • Why be loyal?
    2015
    There was a review recently conducted into a number of Loyalty Schemes that are being offered by many of the players in the retail and service industries. To me the results resembled my own personal beliefs rather than the impression that is generally portrayed in industry. My own personal view...
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  • You just gotta love it?
    2015
    After my last blog on the legal system I was sent a pearler of a story; “Melbourne Mum loses bankruptcy battle over school fees”, (Ninenews.com.au). The cost of solving a problem with lawyers has always been an issue for me, the process takes longer, and is more costly than you...
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  • The legal cost?
    2015
    I always find it entertaining when someone reaches the end of litigation only to discover the hollowness of the victory or loss. This is particularly the case when it involves the media because it is they that will ensure that the issue actually does see the light of day! So,...
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  • Bankruptcy – up or down?
    2015
    Recent media has commented on the figures released by the Australian Financial Security Authority (AFSA) indicating that the current trend in the number of Bankruptcies being entered into has been downward. The only increases being recorded in Western Australia and the Northern Territory. Some of the commentators even went...
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  • Condon Associates Group is a WSABE 2015 Finalist in Business Ethics
    2015
    The Western Sydney Awards for Business Excellence 2015 (“WSABE 2015”) have just advised us that we are a Finalists in the Business Ethics category. We at Condon Associates Group are highly honoured to have this recognition by the WSABE 2015 (which is hosted by the Parramatta Chamber of Commerce). From a...
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  • Now’s not the time
    2015
    Over recent times I have enjoyed seeing the groundswell of debate supporting, if not out rightly demanding for the removal of Stamp Duty from the sale of Real Property. In particular this reached almost fever pitch as we came to the State Budget. Thankfully common sense prevailed. Yes I know that...
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  • The ATO gets serious
    2015
    Many will have seen the Daily Telegraph article entitled “ATO Raids 12 firms for fraud evidence” recently as they step up their stance on premeditated phoenix activity.  It was interesting in an earlier unrelated article the ATO had advised that it headed up a taskforce made up of a...
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  • Are you properly allocated?
    2015
    With the end of financial year fast approaching, responsible businesses around Australia are moving to finalise their accounting information before the financial year is completed. (Many not so reputable will try and fix it later with backdated transactions!) Most Bookkeepers and Accountants believe that their categorisation of expenses and...
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  • Budget, yeah, I think?
    2015
    There has been much said about the Budget, in particular a variety of detailed analyses by tax specialists far more competent than I, thus I do not intend to repeat similar content here; suffice to say it is clearly a Budget that is intended to promote confidence and positive...
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  • Let’s just throw the law away!
    2015
    In a recent decision in the District Court in Queensland the Court decided, in the matter of Morton & Anor v Rexel Electrical Supplies Pty Ltd QDC 49, that a Creditor in receipt of a Preference Demand/Payment could, in simple terms, offset that demand/payment against any outstanding pre...
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  • Theft, in all its forms
    2015
    I have recently returned from a business trip to the United Kingdom and unfortunately were robbed during our trip. It is something that leaves a bad taste in the mouth and has a significant impact on the remainder of the environment around you, and the experiences you are having....
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  • Condon Forum - March 2015 – key ideas and our appreciation
    2015
    The speakers at the Condon Forum. Our Thursday afternoon Condon Associates Forum held this week on the balcony of our office has received some great praise and we thank all of our supporters and attendees for their contribution to the success of the event. Presentations for this Condon Forum focused more...
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  • Big bucks buy more for free
    2015
    It was interesting to read in the Sydney Morning Herald the other day, (“Big Business seen as getting sweeter deals”, SMH 3 Mar 15) that the ATO’s Inspector General’s Report clearly indicates that Big Business definitively appears to get a better deal than smaller businesses when negotiating with the...
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  • Singularity
    2015
    Recently I was involved in a group conversation with one of our esteem elected representatives debating the fickle nature of the electorate and the impact that it was having on governments (not to mention what voters are seeing as the impact its having on our Governance, but that’s another...
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  • The Captain’s Call
    2015
    A term that in the last week has suddenly come to the fore front. No doubt though, when most people think of the term “Captain’s Call” they will relate it to a sports usage whereby it commonly refers to the right of the Captain of a team to have...
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  • Preservation of value
    2015
    They say imitation is the sincerest form of flattery. We have operated under a base set of values for a considerable amount of time, it is these that many comment on when they speak of the sort of reputation that we as a Practice have. Amongst these has been a...
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  • Welcome to 2015
    2015
    With the events leading up to Christmas, which have regrettably been repeated this week on the other side of the world, it stands as a salutary reminder that we now live in a different world to the one in which we grew up in. As a youngster watching old movies...
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  • Corruption and perceptions, perceptions and corruption
    2014
    It was recently reported that Australia had for the third year in a row slipped backwards in how the world perceives the level of corruption in comparative countries. Since 1995, Transparency International has annually ranked many of the countries of the world in their comparative study of perceived corruption. This...
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  • Vale Phillip Hughes, Rest In Peace
    2014
    Whilst not a die-hard cricket fanatic, I respect the professionalism of someone that dedicates themselves to their chosen career. It becomes even more solemn when in the conduct of that activity one must pay the ultimate price of giving up one life. My prayers and thoughts go to his...
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  • Automation?
    2014
    I have just finished a conversation with a colleague regarding new software that they are looking at that will effectively map out the advice that they need to give their client in respect of the performance of their business. The option available to them is whether they read it...
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  • Regulation or independence?
    2014
    In recent press there has been a lot said about the need for further regulation of the financial planning industry. Probably the most amazing response though came from the banks themselves where it has been quoted that “the banks have taken the unprecedented step of asking the government for...
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  • Do you read the warning signs?
    2014
    CPA Australia has recently issued a report on the overall health of the majority of the companies that make up the Australian Stock Exchange with a review of over 15,000 annual reports over the period 2006 to 2013. It was revealed by Alex Malley (CEO CPA Australia) on radio that...
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  • Bankruptcy world rankings
    2014
    As reported in the AFSA “Personal Insolvency Regulator”, Australia has been ranked 18th in the world at resolving insolvencies. Interestingly in determining who was better than others the main parameter considered was the rate of dividends being paid. Clearly the one true focal point of a Creditor in any...
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  • Accountants Beware!!!
    2014
    In a recent press release, which is presently being widely commented on by our legal brethren, the Credit Ombudsman Service (COS) has sought input in regards to some suggested changes that are aimed to remove or at least control the rogue Credit Repair specialists from the industry. As you may...
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  • Mate, it’s automatic!!
    2014
    One thing that can be relied upon in the business advisory field these days is that you will always be told that “you should be working ON your business not IN your business.” In this day and age this is certainly sage advice, as being buried in the weeds...
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  • The most valuable video, ….. Beware
    2014
    Ever remember watching the news when they have shown a video of some idiot or idiots holding up a petrol station or a convenience store or a small supermarket? We’ve all seen at least one such video in our lifetime. That perfect shot from the ceiling down over the...
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  • You’re so vain….
    2014
    …I bet you thought this song was about you (Carly Simon, 1972) When I read a recent piece published by CPA Australia the above song was the first thing that leapt into my head. The title to the article in question was “Is 30 the new 50”. I must admit I...
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  • Modelling the basics
    2014
    During our school years we learn some fundamental basics that are driven in as irrefutable facts or realities that never change. Examples of some of these are - what goes up must come down, the impact of gravity, the inability to recover time, etc. These are unchangeable elements of...
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  • Sometimes people listen; it’s actually very comforting
    2014, Blog posts
    Regular visitors to our Blog may well remember my comments on 2 May relating to the Government’s decision to impose a $120 fee for the lodgement of a Debtor’s Petition. In the main another financial impost potentially on the one of an already supportive group such as the Financial...
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  • It's that time of year again!
    2014
    Yes, it's tax time again and as always there are experts everywhere with wonderful ideas on how to save money and pay less tax. Proper tax planning is great, and it is truly a professional component to the successful conduct of a business. I should point out that's tax...
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  • Where do cars come from?
    2014
    I'm sure we all know the answer to this, but let’s try this anyway. From what we hear one flippant answer could easily be that shortly it won't be Australia! But let's get a little more serious. More appropriately the general information that comes through the media is that there...
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  • Reading the signs
    2014
    It is really interesting to watch the reaction that the recent budget has brought about, yes on the one hand the usual politically aligned stances either for it or against it depending on the loyalties of the vocalist, but more importantly the broader community which from all accounts I...
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  • Go broke cheap, only $120!
    2014
    Yes, in the move to a more Governmental user pays approach we now have a requirement that someone who is going broke, sorry filing for Bankruptcy has got to find $120 to pay the lodgement fee to the Government in order to commence the process! In an attempt to head...
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  • Fines, merely a cost of doing business
    2014
    A couple of Blogs ago I was commenting on the fines that had been levied against an Australian Union. In a subsequent discussion with a colleague I was reminded of how some industries treat fines when the level of fine may well be considered to be insufficient to...
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  • One cent, yes, just one cent!
    2014
    I remember a couple of valuable stories from the early days of my career.  The first was from a very senior (in age) member of staff who had been an employed as an audit team member for some considerable years.  He related the story of his visit to a...
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  • Union fines – governance to the core
    2014
    With the recent handing down of some significant fines to the CFME Union in Victoria it is potentially well worth considering the relevance of fines to the organisation, business or association. In the main fines were meant to be introduced in respect to various activities as a means by which...
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  • Accounting graduate (and other) jobs
    2014
    There has been a lot of commentary recently that whilst there has been an increase in the number of graduates being processed through our training facilities, in particular universities, resulting both from additional places being made available as well as the ongoing pursuit of fee paying foreign students seeking...
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  • Schwarzkopf!
    2014
    Recently there has been a lot of information about privacy issues as well as changes that are being made to the credit reporting requirements that will significantly increase the amount of information available in relation to an individual’s or business’s payment history.  Traditionally the reporting required that the notification...
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  • So, what is business?
    2014
    Following on from my earlier blog I was stunned to read in the Australian Financial Review that the Government was even contemplating the sale of the business registration and lodgement arm of the Australian Securities and Investments Commission (ASIC) into private hands hoping to gain a six billion dollar...
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  • Business is business
    2014
    As we continue to move forward with an ever growing list of businesses that are planning to cease operations, we can only await the second wave of impact that will be had as the businesses that have relied on these then have to find somewhere else to supply or...
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  • Are we joking? I'm truly unsure
    2014
    Firstly may I indicate my genuine fundamental belief, that being that every effort should be made to ensure that we retain as many jobs and as broad a variety of industries within Australia as is humanly possible.  Notwithstanding, it was interesting to note the recent request for additional government...
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  • Will we ever learn?
    2014
    It’s been interesting recently reading about the amount of money that had been ‘tipped’ (pun intended) into the failed Bill Vlahos punting club, leaving his Trustee in Bankruptcy to endeavour to provide people with credible answers to many perplexing questions; but the fact that the three betting accounts disclosed...
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  • Action to be taken!!!
    2014
    I noted with interest the comments attributed to the Victorian Chief Justice, Marilyn Warren as reported in the Australian Financial Review this week. It is good to see that there is an understanding at that level that the general public are expecting tougher responses for those that flagrantly and repeatedly...
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  • Welcome back
    2014
    Well it’s arrived, yes 2014 is definitely here and at this stage all I think I can really say is that 2013 certainly seems to have been a truly exhausting year.  I have never seen so many people as desperate for the holiday break as I did at the...
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