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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  • AND UP GO THE NUMBERS
    2018, Blog posts
    AFSA have just released their latest quarter of statistics for the December quarter, and they have indicated a 7.4% increase over the same period in the prior year, that’s a total of 7,578 individual bankruptcies. They have stated that increases were reflected in all Territory’s and States in...
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  • FUNDAMENTALS REALLY ARE, … WELL FUNDAMENTALS!
    2018, Blog posts
    This week we saw that the hardware industry has once again stepped into the limelight with lots of commentary on the release of information relating to the Bunnings performance in the United Kingdom and Ireland markets with its subsidiary BUKI (Bunnings UK & Ireland).  BUKI had acquired the Homebase...
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  • “WELCOME 2018”
    2018
    Welcome to 2018! It’s the start of what I’m sure will ultimately prove to be a very interesting year, with a wide variety of issues escalating on the world scene, and a string of financial impacts that are either evident (AFR’s article that the Banks plan to cut staff by...
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  • CONDON IN THE COMMUNITY
    2017, Articles, General
    CONGRATULATIONS MUNA LALOO Many of you are probably unaware but Western Sydney University offers international support by assisting migrants displaced by civil war and/or global unrest to rebuild their lives. They do this by each year providing Refugee Scholarships to students to assist with their studies. In 2014, Muna Laloo, a...
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  • THE RAMIFICATIONS OF NEW TECHNOLOGY
    2017, Articles, General
    In todays “digital age” where staying ahead of the competition is vital, new technology is important for any business to introduce as it gives an edge over competitors and gives customers access to the state-of-the-art technologies that they crave. It is also important that all legal and regulatory factors...
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  • CLAIMING TAX DEDUCTIONS WITHOUT NEEDING A RECEIPT
    2017, Articles, Finance, Insolvency
    As tax time approaches every year taxpayers are required to lodge their tax returns before the deadline advised by the Australian Taxation Office. While completing and lodging their tax returns, taxpayers are entitled to benefits such as tax deductions. Some deductions require the collection of receipts and other records to...
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  • IPSO FACTO…? SO WHAT …?
    2017, Articles, Insolvency
    Recent changes to the Corporations Legislation have brought in new conditions in relation to ‘ipso facto’ clauses and how they apply in situations of financial difficulty moving forward. So what is actually an ‘ipso facto’ clause? It is first crucial to determine what may actually constitute an ‘ipso...
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  • THE HARBOUR IS NOW SAFE; …OR IS IT?
    2017, Insolvency
    Recent changes to the Corporations legislation have brought in new provisions commonly referred to as the ‘Safe Harbour Amendments.’ These amendments have primarily been designed to give Directors of failing or financially unwell companies an opportunity to put into place a rescue strategy without being fully exposed to...
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  • 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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