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  • Safe Harbour Reforms: Must the Captain Always Go Down With the Sinking Ship?
    Articles, Insolvency
    Insolvency Law Reform Act 2016 (ILRA) introduced a raft of new reforms in the Corporations Act and Bankruptcy Act to update and streamline Insolvency law in Australia. The reforms were introduced in two tranches, with the second tranche of reforms commencing just over two years ago on 1 September 2017 introducing new Safe Harbour...
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  • Business Rescue Activities
    Articles, Business Avisory, General Accounting
    Is your business destined for failure? Has your business lost its mojo? Do you feel like your company is in trouble? It would be a daunting experience when you see that your debts are mounting and you are simply treading water. It is noted that there is an increasing trend for people to engage...
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  • In Too Deep
    Articles, Business Avisory, Management
    If you go in too deep, you can very easily take others out with you. You can be too single minded, too ambitious, selfish or maybe desperate. Check out Jorge Lorenzo’s 2nd lap “in too deep” moment at the Catalunya MotoGP held 16th June last. He took responsibility for it, which is important to do, but...
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  • IS A PUZZLEMENT? … ME THINKS!
    Articles, Economy, General
    It has been said that we live in interesting times. This is true and it has been the case for some time now, predominantly because of the rate of change that we have all had to cope with as well as a consistently growing market that has become avarice in its consumption...
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  • Investment Strategies for Different Age Groups
    Articles, General
    “An investment is the current commitment of money or other resources in the expectation of reaping future benefits” (Bodie, Kane & Marcus 2008,p.1) However, there is no “one size fits all” rule when it comes to investment strategies. Still, the following fundamental investment strategies can be applied to different...
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  • Do the Right Thing
    Articles, General
    In everyone’s “walk of life” there are rules and regulations. There are laws for laws the man or woman in the street hadn’t even thought there was a need for. Check out the 42 Laws of Cricket and the 24 Rules of Golf. All the laws, by-laws, rules and regulations...
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  • Single Touch Payroll
    Articles, General
    Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. If you are using a solution that offers STP reporting, such as payroll or accounting software, you will send your employees' tax and super information to the ATO each time you run...
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  • Discretionary Trusts – Corporate Trustee vs Individual Trustee
    Articles, General
    Discretionary trusts, commonly referred to as family trusts, are an ever increasingly popular trust structure for your business and finances. The main benefits of establishing a family trust are asset protection and the ability to utilise family trusts to build and to protect family wealth. There are two main types...
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  • UNFAIR TERMS IN SMALL BUSINESS CONTRACTS
    Articles, General
    Today the skills required to successfully run a small business are broad, - sales, marketing, accounting, production, supply chain management, negotiation, and human resources skills.  All, to varying degrees, are required in order to make a small business successful. However, in addition to all that, one area that is regularly...
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  • Effect of Insolvency on ATO’s Garnishee Power
    Articles, Insolvency
    With the recent spotlight on the alleged overzealous use of debt recovery tactics such as s260-5 Garnishee Notices by the Australian Taxation Office (“ATO”) to recover taxation liabilities, it is worthwhile to examine the legislation surrounding and impact of these notices on individuals, businesses and the effect of an...
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  • Assetless Administration Fund
    Articles, Insolvency
    It is noted that when a company goes into liquidation with few or no assets, a liquidator often performs only a perfunctory investigation, which may result in a failed company not being fully investigated to a deeper level that a creditor or stakeholder wishes. This can happen when a...
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  • ELIGIBILITY OF CLAIMING DEDUCTIONS FOR PAYG
    Articles, Insolvency
    Small business owners should be aware of changes to compliance obligations for claiming deductions for PAYG. From 1 July 2019, businesses will be prevented from claiming deductions for payments to employees and certain contractors if they fail to comply. Payments include the following: Salaries; Wages; Commissions; Bonuses or Allowances...
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  • Bankruptcy and the family home – Part 2
    Articles, Insolvency
    This is the second part of an article in relation to how a trustee in Bankruptcy will deal with real property of a bankrupt, specifically the residential property owned by the bankrupt and a co-owner. If you missed the first part, please give the team at Condon Associates a...
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  • TIME TO TREAD WEARILY
    Articles, Insolvency
    The first months of 2019 have been somewhat of a roller coaster for business with issues coming left, right and centre and no real clear and singular path forward. Certainly, we have been operating now for some time in a world of rapid and escalating change, but the issues...
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  • ASIC Corporate Insolvency Update Issue 10
    Articles, Insolvency
    In December 2018, ASIC posted its Corporate Insolvency update on their website about the latest regulatory developments and issues affecting corporate insolvency markets. Here is a summary of key points: Lodgement of Declarations of Independence and Relevant Relationships and Declarations of Indemnities (“DIRRI”) with ASIC. ASIC provides the following...
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  • ASIC staff to attend Creditors Meetings
    Articles, Insolvency
    The Australian Securities & Investments Commission (“ASIC”) is entitled to attend any meeting of creditors or contributories held under Corporations Act (Section 75-30) of Schedule 2-Insolvency Practice Schedule. ASIC has informed the registered liquidators about starting their Pilot Program involving their staff to attend creditor’s meetings in the first...
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  • When a Court appoints a Provisional Liquidator
    Articles, Insolvency
    The appointment of a Provisional Liquidator would have a major effect into the affairs of a company and will only be done in circumstances where there are no other remedies available to maintain the current situation pending a final determination of a winding up application. Unlike the usual Liquidator,...
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  • Bankruptcy and the family home
    Articles, Insolvency
    It is a common misconception that if an individual is bankrupt and they own their home, their house will be sold by their bankruptcy trustee. Given that for most people their home is their most valuable asset, it is important to consider the following options bankrupts have for keeping...
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  • A SALUTARY LESSON
    Articles, Insolvency
    For those who deal in the world of insolvency, certainly the liquidators, but I am actually including all the lawyers, accountants, finance brokers, advisers and other players of all sizes as well; then there are some salutary lessons that have come out of the largest insolvency cases that came...
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  • PARRAMATTA CHAMBER OF COMMERCE NEW PRESIDENT
    Articles, General
    We are very proud to see our Managing Principal, Schon Condon elected as President of the Parramatta Chamber of Commerce and Industry (Inc.) at the last AGM. Having spent the last 30 years of his working life in the City of Parramatta Schon has a strong connection to the City...
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  • ONLINE FRAUD
    Articles, General
    Online fraud, due to its increasing complexity and sophistication, is becoming an ever-growing problem for individuals and businesses. In order to tackle online fraud effectively, the awareness of online fraud detection should be highlighted and the prevention methods must be advanced with the times. The most common types of online...
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  • YOUR SALES TEAM FIGURES NOT LOOKING NORTH? (Part 2)
    Articles, General
    In the last edition our focus was on targets. Today, we will focus on tools and training. II   TOOLS Many companies have tools available to their employees, and expect these tools to be used. These tools include sales tools, CRM, sales training, forms, policies and more, but do the leaders really...
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  • DIRECTORS' AND OFFICERS' RESPONSIBILITIES: A TIMELY REMINDER
    Articles, General
    In the James Hardie case the High Court clarified that the responsibilities of any officer of a company is a question of fact. The role of a person does not identify the responsibilities of that officer in a company. The responsibilities cannot be identified by reference to the role...
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  • TAX IS AN EXPENSE NOT AN IMPOST
    Articles, General
    A different view? Having a tax liability means one thing - you have made a profit, because tax is paid/payable on profits. Be happy with that. Dividends are paid from after tax profits. You basically can’t pay a dividend if you have no profits. If you pay tax you can pass...
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  • THE NEED TO LEAD
    Articles, General
    Every form of media these days is full of information, stories and the like propounding the importance of leadership in the modern environment, particularly when it comes to business.  Certainly it is very fair to say that any business will not survive without a leader, but varying on the...
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  • 50 Years!
    Articles, General
    Marjorie Pozzan, a long term friend of the Firm, was awarded her certificate for 50 Years of membership with the CPA Australia on 17th April 2018, Schon was privileged enough to have been personally invited by Marjorie to attend the ceremony. Schon has known Marjorie for over 40 years and...
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  • EXTENSION OF TIME TO BRING VOIDABLE TRANSACTION PROCEEDINGS
    Articles, Insolvency
    Liquidators may obtain an extension to the time for them to bring Voidable Transaction Proceedings under Section 588FF(1) of the Corporations Act (Extension Order). Section 588FF(1) allows Liquidators to apply to the Court for Orders in respect of Voidable Transactions, such as the return of money paid by the...
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  • IPSO FACTO TO COME INTO EFFECT SOON!
    Articles, Insolvency
    On 28 March 2017, the Australian Federal Government released draft legislation in relation to two major reforms intended to encourage turnaround, restructuring and business rescue. The main focus in this article will be on the operation of ipso facto clauses. These clauses allow one party to a contract to terminate...
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  • SETTING ASIDE A WINDING UP ORDER IN THE ABSENCE OF A PARTY
    Articles, Insolvency
    When a company does not attend its winding up hearing, in the majority of cases, the company evidently gets wound up without any opposing parties. The question is whether the winding up order can be set aside. Setting aside an order Under Rule 39.05(a) of the Federal Court Rules 2011...
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  • GAOL TIME – FRAUD CONVICTIONS
    Articles, Insolvency
    Recently the Supreme Court of NSW handed down what is, to date, the longest sentence for a tax evasion scheme. Proving that eventually tax evasion will catch up with those individuals and the punishment will be severe. The fraud was perpetrated by two individuals one of whom was an executive...
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  • WHERE IS PUBLIC TRUST?
    Articles, Insolvency
    As we, as a society, continually move forward we are increasingly being confronted with images, stories, news and examples of situations where the ordinary man/woman in the street beggars for an understanding of – How could this have occurred?   Is this really real or are we just in some...
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  • CONDON IN THE COMMUNITY
    Articles, General
    On Friday 9th March the drums were beating on Condon Associates office balcony and all for a very good cause.  A wonderful lady named Ruth Magodo is raising funds to send young adults to Africa in hope that they will appreciate how lucky they are to call Australia home....
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  • YOUR SALES FIGURES NOT LOOKING NORTH? (Part 1)
    Articles, General
    Most sales teams, up to 90%, are not performing at their possible best. The reason for unsatisfactory sales performance is often a combination of missing items in the puzzle. While some individuals are running at 120% of capacity, some people don’t even understand the products or tools available, and...
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  • IS YOUR BUSINESS'S TAX DEBT UNDER CONTROL?
    Articles, General
    As originally proposed in the 2016-17 Mid-Year Economic and Fiscal Outlook, the Federal Government has released draft legislation that would allow the Australian Taxation Office (ATO) to disclose overdue tax debts to credit reporting agencies, when certain conditions are met. Public consultation on the bill and the explanatory memorandum for the...
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  • PROPOSED CHANGES TO GST WITHHOLDING ON NEW RESIDENTIAL PREMISES, WHO IS MAINLY AFFECTED BY CHANGES?
    Articles, General
    Once the Treasury Laws Amendment (2017 Measures No. 9) Bill 2017 has been enacted, the responsibility for paying GST on certain real estate transactions will shift from developers to purchasers. From 1 July 2018, purchasers of new residential premises or land within a subdivision in Australia may need to...
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  • THE COMPANY'S BANK ACCOUNT IS NOT YOURS
    Articles, General
    It belongs to the staff, it belongs to the creditors, it belongs to the Government, it belongs to lenders and it belongs to the customers. You as the business owner and director and guiding light are only its custodian. (In the interests of readability and space, hereafter, references to “he/his”...
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  • RIGHTS TO OWNERSHIP: HARD TO CREATE, SO EASY TO LOSE
    Articles, General
    It has been quite interesting to see the reaction that has erupted over the sudden expose of the fact that people with good noses, strong technical skills, a serious purpose and the opportunity to make a dollar will use whatever they can get to their own personal advantage and...
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  • Innovation through insolvency law reform: Bankruptcy period to be reduced from three years to one year.
    Articles, Insolvency
    Given that start-ups and entrepreneurs are a large contributor to new jobs and innovation in Australia, the Federal Government has taken several initiatives to foster a culture where innovation and entrepreneurship is encouraged. One of these initiatives is improved insolvency laws. As part of the National Innovation and Science Agenda,...
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  • Be aware when proving Your Claim as a Creditor in an Insolvent Estate from South African Perspective?
    Articles, Insolvency
    It is interesting how the differences in insolvency law from one country to another affects creditors’ decisions when lodging their Formal Proof of Debt Form (“POD”) in an insolvent Estate. I was stunned when I received an email from one of the creditors of a Bankruptcy refusing to provide me...
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  • 139ZQ - A potentially more useful tool
    Articles, Insolvency
    The recent case of Chamberlain (Trustee) v Tilbrook FCA 1586, NSD 1039 of 2017 highlights the steps a Trustee and their representatives will need to undertake in the event the receipt of a 139ZQ evades service and the features of a 139ZQ notice. As you may be aware 139ZQ...
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  • Welcome to 2018, and some thoughts on R&D
    Articles, Insolvency
    Hi everyone and welcome to 2018, no doubt it will continue to be more of “different” but “normal”! 2017 essentially closed quietly notwithstanding that it’s been a year of significant change for the Insolvency profession. Whilst steps were taken to align the operations of both the Bankruptcy Act and...
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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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  • Condon Forum 4
    Condon Forum - Tax Update
    Articles, Events, General
    The Condon Forum (“It’s Accrual World - Tax Still Hasn’t Gone Away”) was held on 31 May 2017. Michael Collett (Tax Principal, Nexia Australia), Brett Young (Barrister, State Chambers) and Schon Condon (Managing Principal, Condon Associates Group) shared their experience and professional knowledge on the latest in taxation. Thank you...
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  • Recent NSW Court of Appeal Decision – Unfair Preferences Will Come Back to Bite You!
    Recent NSW Court of Appeal Decision – Unfair Preferences Will Come Back to Bite You!
    Articles, Insolvency
    As those in the insolvency industry know, or ought to know, unfair preferences are payments or transfers of assets that give a creditor an advantage over other creditors. Pursuant to section 588FA of the Corporations Act (“the Act”), the normal procedure for a Liquidator to successfully prove a preference...
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  • The Responsibilities The Come Along With Signing a Statutory Declaration
    The Responsibilities That Come Along with Signing a Statutory Declaration
    Articles, Legal
    A Statutory Declaration is a written statement which a person swears, affirms or declares to be true in the presence of an authorised witness. In the case of 470 St Kilda Road Pty Ltd v Robinson, the Federal Court found the declarant of a Statutory Declaration as to a...
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  • Richard Jones’ Diary- The latest chapter and more bad news
    Richard Jones’ Diary - The Latest Chapter and More Bad News
    Articles, General
    Mr Richard Jones purchased his first Range Rover in 1976 and since then he has owned a series of them. He was always pleased with the performance of the vehicles until 2004 when he purchased a Range Rover costing $118,150 from Purnell Motors. Shortly after taking delivery of the...
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  • Managing Caution in An Organisation
    Managing Caution in an Organisation
    Articles, General
    Today we are seeing increasing instances where the failure to apply a reasonable degree of caution can leave a business or organisation in a real world of hurt. Whether it is simply not maintaining software upgrades, opening emails that are clearly not right, or rushing into opportunities that should...
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  • Condon in the Community - Moorebank High School Anzac Day Address
    Articles, General
    On Wednesday 5th April 2017, Lieutenant Colonel Schon G. Condon was invited to attend Moorebank High School’s Anzac Day Ceremony as their Guest of Honour. A highlight of the school year is their Anzac Day Ceremony. Anzac Day is one of Australia’s most important national commemorative occasions. It marks...
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  • The Future of Governance
    Articles, General
    Governance has long been a focal point raised by many, from elected Ministers at one end to the smallest lawyer or accountant advising the smallest of family businesses on how they should operate. It is by no means a new concept and it is one that these days many...
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  • Are Employers Ever Responsible for the Actions of Employees?
    Articles, Management
    After a spate of recent stories in the media on employees committing criminal offences within their responsibilities, many employers are left asking “Am I liable for my employee’s actions”. In order to answer this question we turn to the High Court for their ruling, which states: “Where the employee takes...
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  • Marketing for a Rapid Turnaround
    Articles, Management
    Be it your business is madly successful or you are in a bit of ‘hot water’ numbers wise, ‘Profitable Marketing’ is everything. Companies which employ High Return & Low Cost Marketing Strategies with a key focus on Sales, Brand as well as Profitability are in the best position to...
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  • Preparing Your Business For EOFY
    Articles, General Accounting
    The End of Financial Year is a time for businesses to get their things in order. With less than a week to go, it is worth implementing some of the tips below if you don’t already have a strategy in place. Remember, once it hits 1 July there is...
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  • The Lending Pitfalls
    Articles, Finance
    So it’s time to invest in your business and you have big plans for this year. You make a couple of phone calls to the financiers and suddenly you realise that not everyone shares your positive outlook regarding your growth and expansion. If this sounds a familiar story, you...
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  • Parramatta Chamber of Commerce Business After 5
    Condon Update - Parramatta Chamber Business After 5
    Articles, Events, General
    Last month on the 4th of April 2017 we hosted the Parramatta Chamber of Commerce’s Business After 5 in conjunction with Courtney’s Brasserie. The weather kept us on our toes the entire day but eventually cleared to allow for a night of networking over food and drinks. Courtney’s Brasserie...
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  • Personal Property Securities Register
    Personal Property Securities Register (PPSR)
    Articles, Finance
    What is the Personal Property Securities Register? The Personal Property Securities Register (PPSR) is a single point of contact register for consumers, businesses and the finance industry. It is web based, available in real-time and accessible 24 hours a day, seven days a week. The PPSR is regulated by the Personal...
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  • Claiming Self-Education Expenses
    Claiming a Deduction for Self-Education Expenses
    Articles, General Accounting
    In order to claim a deduction for any form of work-related self-education expense, there must be a connection between the self-education activity and your income earning activities at the time you incur the expense. You can claim a deduction for self-education when the expense has the essential character of...
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  • Changes to superannuation from 1 July 2017 – the clock is ticking
    Changes to superannuation from 1 July 2017 – the clock is ticking
    Articles, Finance
    Legislation that was recently enacted (The Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016) will be the first real shake-up to our superannuation system in a decade. The new superannuation regime which comes into effect on 1 July 2017 contains a hoard of changes that will affect the...
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  • Data The Way of the Future
    Data, the Way of the Future?
    Articles, Management
    When someone comes up to a business person and starts talking about data, the conversation usually slides one of two ways. Firstly, in terms of the IT support your organisation has and how effectively it operates and lets you get on with what you are doing or, in the...
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  • Condon Update - Family Law Seminar
    Articles, Events, General
    On Wednesday 22 March, Condon Associates Group joined forces with interMEDIATE Dispute Management to deliver our very first Family Law Seminar. With a strong array of speakers organised, the session provided a unique insight into the practical, legal and psychological issues surrounding family law matters. We were delighted to have...
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  • Reasonableness of Insolvency Practitioner’s Remuneration
    Articles, Insolvency
    By: Adam Chen & Muna Laloo External administrators are only entitled to an amount of fees that is reasonable for the work that they and their staff properly perform. This is only once these fees have been approved by a creditors’ committee, creditors or a court. What is reasonable will depend...
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  • Protect Yourself from Illegal Phoenix Activities
    Articles, Insolvency
    Genuine company failures do occur, not all company failures are involved in illegal phoenix activities. Illegal phoenix activity involves those in control of companies, such as directors or former directors, intentionally closing down companies (e.g. by appointing liquidator(s) for the company) after transferring the  assets of an indebted company ...
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  • Vendors Beware- The dangers of accepting a smaller deposit to gain a sale
    Articles, Finance
    It is a generally accepted conveyancing practice that a deposit of 10% of the agreed selling price is to be paid on the exchange of contracts for the sale of a property. However, with rising property prices and generous lenders and/or vendors anxious to gain a sale of their property,...
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  • It’s all in the Definition … Isn’t It?
    Articles, General
    Recently I was booked to give one of our regularly sought after presentations on business risk and failure which incorporates the potentially dire financial circumstances that can arise from either consistent small error making habits, or in the alternate the impact of one great whopper! What arose out of that...
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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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  • So Really, How Good is Your I.T. System and Processes
    Articles, General
    Welcome to 2017 and may the year bring you many good things. Today it is very difficult to find a business that does not have some form of electronic system somewhere within its operations. In fact, it would be more common that the entirety of most businesses would rely...
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  • Resolving Disputes
    Articles, General, Management
    A recent trend in many new clients seeking the advice of Condon Associates comes from the area of disputes with major customers. When assessing a dispute, management need to assess a number of issues before deciding on a path to resolution. A quick settlement of a matter is always...
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  • The Advantages of Having an Advisory Board for Your Business
    Articles, Management
    An Advisory Board is a powerful way to grow the success of any business and despite what some people may say, no business is “too small” to benefit from having an Advisory Board. Better still, setting up an Advisory Board does not need to be a difficult or costly...
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  • Cash Flow - The Life Blood of Business
    Articles, General, General Accounting, Management
    It doesn’t matter if you have million dollar contracts and hundreds of thousands sitting in the receivables, if you don’t have the money to pay as and when your debts fall due the result is going to be the same. There is a lot to be said for the...
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  • Condon in the Community - RAA Association (NSW) and Condon Advisory Group Annual Golf Day 2016
    Events, General
    Finally, after a false start in August, perfect weather conditions helped make the 2016 Royal Australian Artillery Association (NSW) (RAAA) and Condon Advisory Group (CAG) annual Charity Golf Day a redeeming success. Due to adverse weather conditions in August, the rescheduled golf day was finally held on Thursday, 17...
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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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  • The Siege of Malta Charity and History Evening
    General
    By Edward Zia Marketing Mentor, Blogger & Consultant at Condon Associates Group Each year in September, the Priory of NSW, established by the Order of Saint John (OSJ), takes the opportunity to commemorate the lifting of the Great Siege of Malta 1565. On Friday 16th September, Condon Associates Group hosted the...
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  • Personal financial crisis
    Insolvency
    The collapse of a sprawling global bank in September 2008 almost brought down the world's financial system. It took huge taxpayer-financed bail-outs to resuscitate the industry. The ensuing credit crisis turned an already damaging downturn into the worst recession in 80 years. It all began years before the crisis with...
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  • Bounce forward, not back
    General
    What is the trait that makes some buckle under pressure without it, while others adapt and bounce back? Resilience! Whether it's reframing a loss into an opportunity or remaining calm in a crisis, this mindset allows for a better constructed future. Some believe that resilience is an intrinsic personal...
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  • Revive your business
    General
    By Anjie Lal Relationship Specialist The prospect of insolvency in your business can be daunting, but if you recognise the direction of things early enough and apply an effective business development strategy, you may be able to make a turnaround before it's too late. Quite often we get caught up in...
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  • Managing regulation
    Legal
    As society moves forward, electronic devices become smaller and more capable. Regulators become increasingly interested in the maintenance of monitoring almost anything they can, combined with the fact that almost anyone can be the policeman; business will need to prepare for a whole new environment. I remember years ago when...
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  • CAG Community Support - Charity luncheon and auction to benefit the Diabetes Centre at St Vincent's Hospital
    Articles, General
    The Order of Saint John Knights Hospitaller ('OSJ') is an Ecumenical Christian Movement committed to charitable works in aid of the sick, poor and the disadvantaged and fostering Christian unity. The OSJ have an established Priory in New South Wales which also, at this time, includes...
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  • Money making marketing
    Articles, General
    By: Edward Zia, FAMI CPM – Marketing Mentor, Blogger and Consultant for Condon's. One common problem we have seen play out hundreds (if not thousands) of times is how people see Marketing as a 'Cost Centre' and not a 'Profit Centre'. This would involve many seeing it...
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  • Brave new world for borrowers and lenders
    Articles, Finance
    By Roger Byrne, Interface Financial Group Go to any talk, forum or workshop on SME's these days and you will be told you must 'adapt or die' and that you need to embrace the new technologies and the brave new world that they bring . ....
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  • Managing generational change in a family business
    Articles, Finance
    As Australia`s population ages, the management of the “baby boomer” generation becomes an issue for government and society alike. The same management considerations also exist for many family business structures with the one generation the “senior generation” looking to retirement and a new generation looking...
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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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  • AFSA’S STATISTICS
    Insolvency
    The Australian Financial Security Authority (AFSA) has just released its June 2016 quarter statistics and they show a significant jump in the number of personal insolvency cases in the quarter, with a total of almost 8,000 insolvency matters commenced during the period. The numbers for this quarter compare favourably with...
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  • Independence? But who’s asking!
    General
    Over the years I have been very proud to be a member of a profession, essentially the accounting profession, that prided itself on focusing on taking an independent stance in respect to dealing with and for its clients.  It was something that was driven in from the day you...
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  • Fair Work Ombudsman’s concern about the key advisors’ role
    Government
    In a recent media release statement, the Fair Work Ombudsman (“FWO”) advised that they had concerns with the role of the key advisors such as accountants and HR professionals in respect of serious and deliberate contraventions. The Fair Work Act 2009-Section 550 (“FWO Act”) generally describes that Involvement in...
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  • Understanding Phoenixing
    Insolvency
    Condon Associates are frequently requested to offer their professional opinion on a wide variety of complex corporate situations. One frequently requested area is their opinion of Phoenix Activities. It is quite apparent that there is a lot of confusion around this activity, so, allow us to dispel some of...
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  • Superannuation Streaming (SuperStream)
    Government
    SuperStream is part of the government’s ‘Stronger Super’ reforms. It came into effect in 2013 and is a standard way to process superannuation data and payments electronically. It must be used by employers, self-managed super funds and APRA regulated funds. SuperStream data is in a standard format so it...
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  • ATO, accountants and directors beware preferential payments
    Insolvency
    The ATO is quite often subject to unfair preference claims made by Liquidators who are seeking to recover funds for creditors generally.  Traditionally this would involve lawyers and possibly Courts but in recent times the ATO has sought to settle unfair preference claims without the need for a Court...
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  • Condon Update July 2016
    General
    The Condon Forum - "A Tax Smorgasbord" was held at our offices on Wednesday, 18 May 2016. Morris Maroon (Head of Tax, Argyle Lawyers), Brett Young (Barrister, State Chambers) and Schon Condon (Managing Principal, Condon Associates Group) shared their insight on different areas related to tax. Our next Condon...
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  • Condon Update March 2016
    General
    Following on from the success of the 2015 Condon Forum, the first 2016 Condon Forum was held at our office on Wednesday 16 March. The topic for the afternoon was “Will the Bankruptcy Reforms improve innovation?” We were delighted to have Stephen Mullette (Principal of MatthewsFolbigg), Bob Cruickshanks (Senior Manager...
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  • Why are we really here?
    General
    I remember a long time ago, in the last century, that we were promised that with the improvements of technology and computers life would be made significantly easier.  Well we certainly seem to have gotten that one wrong.  In reality it often seems that computers have only, in reality,...
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  • Protection to Administrators acting in the best interest of Creditors
    Insolvency
    In a recent Supreme Court of NSW Decision, Renex Holdings (Dandenong) 1 Pty Ltd (Administrators Appointed) & Others NSWSC 2003, Justice Black once again adopted a very practical and encouraging approach whereby he confirmed that Administrators may be protected from personal liability for post appointment debts. The background to...
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  • Insolvency Law Reform Act 2016- A carrot and stick approach to the Insolvency System
    Insolvency
    After more than two years in the making, the Insolvency Law Reform Act (“ILRA”) has finally passed into law with a commencement date expected early in 2017.  As many of the industry would (or should) be aware, the ILRA comprises the latest series of reforms prompted largely by a...
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  • Forge’s Failure led to the Delivery of a $50M Windfall
    Legal
    In the recent decision of Forge Group Power Pty Limited (“Forge Group”) (in Liquidation) (Receivers and Managers appointed) v General Electric International Inc NSWSC 52 (GE), the Court’s decision provided some useful guidance on the interpretation of what is a PPS  lease and when the title in leased...
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  • Insurer’s Liability to Third Parties
    Insolvency
    The High Court Decision in the case of CGU Insurance Limited v Blakeley & Ors (2016) HCA2 details the circumstances in which a Liquidator as a  third party claimant can directly pursue the insurers of insolvent defendants. In these proceedings, the Liquidators applied to the Court to join CGU as...
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  • The Ignored Economy
    Finance
    I note with fascination and a lot of frustration the current discourse on Tax Reform and the constant testing of the water by politicians of old and tired ideas on same, only to again find that most of the issues are, for our politicians, too hard to deal with! ...
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  • Blind Determination
    General
    In the turnaround space, we are often required to deal with a business’s circumstances, where it has continued to operate without change in an ever changing environment. Now there are certainly aspects of all businesses that must always be obeyed. These are the fundamental foundation stones on which a...
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  • CAG Community Support - The Salvation Army
    Articles, General
    Condon Associates Group are proud to be involved again in 2016 with the coordination, publicity and support for the upcoming Red Shield Appeal to be held on the weekend of May 28 and 29. You may not be aware of some of the great work that is carried out by...
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  • Turnaround Services - What is true turnaround?
    General
    It’s a sleeves up, hands on support of business as they take on their next business challenge Writing the next chapter of a business’s strategic plan and then provide hands in executional support. Re grouping when either the internal or external environments become difficult. Proving support from the board all the way...
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  • Small Business and unfair Contracts
    Management
    The skills required to successfully run a small business are broad. Sales & marketing, accounting, production, supply chain management along with negotiation and human resources skills. Some or all are required in order to make a small business successful. In addition to all that, one area that is regularly...
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  • Bankruptcy in a year, liquidation in a month; here’s to 2016!
    General
    Well what a way for 2015 to finish. Everyone was flat out, windings up remained high, the ATO stance has not waned, oil prices are down, the market ends almost where it started and the issue of the need to continue to boost the future of our economy again...
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  • Rights of Secured Creditors in a DOCA situation
    Insolvency
    In a recent Supreme Court of NSW decision, Bluenergy Group Ltd (Subject to a Deed of Company Arrangement) (Administrator Appointed) NSWSC 977, Justice Black adopted a very practical approach in dealing with the legitimacy of the appointment of a voluntary administrator by a secured creditor whilst Bluenergy was...
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  • Recovering a Trustee’s costs when a sequestration order is set aside
    Insolvency
    A bankruptcy trustee’s prospects of recovering his or her costs, incurred in the early stages of an administration where a sequestration order has ultimately been set aside, have been considered in recent judgments handed down in the Federal Court of Australia. Sequestration orders against the estate of a debtor are...
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  • Understanding Provisional Liquidation Section 472(3), Corporations Act 2001
    Insolvency
    Provisional Liquidation is one tool available to various stakeholders to either arrest the dilution of a company’s assets or rectify problems concerning the control and/or management of a company. Provisional Liquidation concerns the appointment of a liquidator to a company by orders made in court, generally immediately following the filing...
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  • Condon Update January 2016
    General
    Some exciting news! The 2016 RAA Association and Condon Associates Group Charity Golf Day is coming! So, save the date for Thursday 4 August 2016 and watch this space for more updates. Sponsorship opportunities available, please contact us for more details on (02) 9893 9499 or email events@condon.com.au. We are very...
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  • Prevention is the best cure
    Management
    In today’s rapidly changing business environment, companies are finding themselves at risk of crumbling due to overwhelming financial pressure. More often than not, help is requested when it’s too late. Seeking outside assistance is left as a last resort because most people don’t want to admit they need help...
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  • Will interest rates go up? – No time is a good time!
    Management
      If the last 8 years has taught us anything, it should have been that we should not wait until conditions change one way or another before we move to get our businesses on track. From what we have observed, many if not most of the businesses in this country have...
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  • Where’s the real fiend?
    General
    In something I was reading recently it posed firstly some facts and then a question that has actually haunted me since I read them. Sometimes little things can get in there and just eat away. The important thing with such information is its relevance, its authority and its reasonableness....
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  • Is it worth having a Will?
    Legal
    By Bob Cruickshanks and Hiteshi Dekhtawala As Benjamin Franklin once said “In this world nothing can be said to be certain, except death and taxes.". Most people take the time and effort to prepare a will in which they detail how their accumulated worldly possessions are to be divided between their surviving relatives...
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  • The benefits of increasing housing prices for Creditors
    Insolvency
    Under Section 129 of the Bankruptcy Act 1966 (“The Act”), any property or shares owned in real property by the Bankrupt vests in the Bankruptcy Trustee. If there is sufficient equity in the property, the Trustee has the power to sell the property in order to realise funds for...
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  • Leaving it too late
    Management
    The rewards of running a business can be massive and not just financially, the pride that establishing a new venture that grows into an ongoing successful venture cannot be measured. Sadly for many, this kind of success can be elusive. A successful business needs to have all segments of the...
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  • Replacement Trustees and Liquidators: issues regarding familirisation of Estate.
    Insolvency
    In a recent decision from the Federal Court of Australia, in the matter of Nixon (No 2) , FCA 1047, a major concern has been raised as to whether additional remuneration should be charged by the incoming Trustees and/or Liquidators to familiarise themselves with each administration. The background of the...
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  • Condon update November 2015
    General
    With thanks to the business community for the support over many years, we are honoured to be celebrating Condon Associates’ 9th year of operating in Parramatta. We are very excited to announce that we are opening new offices in the Central Coast region and Central West region. Thank you again to...
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  • Condon’s Birthday Present? 2 New Offices Opening across NSW.
    General
    With thanks to the Business Community for the support over many years, we are honoured to be celebrating Condon Associates’ 9th year operating in Parramatta. From Schon’s humble beginnings working by himself to the present day; Condon Associates Group is now expanding into Regional NSW with a diverse and...
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  • Be careful what you wish for!
    General
    Well to be honest, it’s not just what you wish for but also what you ask for! We live in a changing world and, as such, those of us that purport to be professionals must always be attuned not only to the visible or documented changes that occur around us,...
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  • Department of Employment puts Banks on Notice under section 433 of the Corporations Act
    Government
    Most of us would know by now that the Department of Employment (“DoE”), under the Fair Entitlement Guarantee Recovery Program, is now willing to fund Liquidators for a recovery action against directors or companies in cases where the company employees have been left with unpaid entitlements. The more interesting aspect...
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  • Liquidator’s additional remuneration approved by Court
    Legal
    The New South Wales Supreme Court provides directions under Section 511 of the Corporations Act for increasing a Liquidator's previously approved remuneration. A recent Case of Westnet WA Infrastructure Holdings Limited(2015) deals with an unusual situation where a Liquidator in a Members’ Voluntary Liquidation involving ten related companies applies...
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  • Disclaimer of property by a Liquidator
    Insolvency
    A company entering into Liquidation does not necessarily bring a contract to an end. In order to remove any obligation with regards to the property by the Liquidator it is necessary for a disclaimer to be lodged. A disclaimer is a formal notice that has the effect of removing all...
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  • Guarantee unconscionable to enforce
    Legal
    The NSW Supreme Court has delivered a message to lenders seeking to protect themselves with Solicitors advising on third party guarantors. The decision held in Alceon Group Pty Ltd v Rose NSWSC 868 particularly calls attention to the importance of independence and adequacy when legal advice is provided....
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  • When security isn’t enough
    Legal
    The conventional wisdom of many company directors and business lenders is that by including security provisions together with loans, they will be protected in the event of the failure of a debtor’s business. However, as is often the case with the law, an often neglected statutory provision can run...
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  • Condon Update 2015 August
    General
    Stuart Lecornu (Associate Partner, Tax Advisory, Crowe Horwath), Peter Bobbin (Managing Principal, Argyle Lawyers) and Schon G Condon (Managing Principal, Condon Associates Group) shared their knowledge and experiences on “Demystifying Trusts” at the July Condon Forum. The Forum was a success and all seats were booked out 2 weeks...
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  • Condon Update July 2015
    General
    We have had a massively productive recent few weeks at Condon Associates Group with one of our largest Condon Forums and being nominated as Finalists in the “Business Ethics” category at the coming Western Sydney Awards for Business Excellence 2015 (“WSABE 2015”). If you didn’t make this Condon Forum, we’d...
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  • Reality Bites, Finally, Maybe … I Think!
    Insolvency
    A long time ago, whilst working in the employ of one of the major accounting Firms, we were appointed to a concreting company that had been operating for some considerable time. Regrettably for the owner of the business had, over a period of time, amassed a significant quantum of...
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  • A Crescendo, ... the crescendo, ... or a precipice?
    General
    "The property obsession in this country is at a crescendo" ("Doing my Block" - The Daily Reckoning, June 2015) is a key line in an article they penned this month relating to the current property market in Australia, and certainly from a media perspective they could not be more...
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  • Directors duties and phoenix activity
    Insolvency
    There has been considerable growth in attention towards the duties and responsibilities of company directors in the past few years. Namely, there has been more focus on the conduct of directors in fraudulent activities, in particular what is referred to as "phoenix activity". A recent article from the Australian Taxation...
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  • Business set-up, transfer and closure report
    Insolvency
    The Australian Government Productivity Commission released a draft Business Set-up, Transfer and Closure report ("the report") in May 2015. The Commission aims to investigate "barriers to business entries and exits and how or where it might be efficiency-enhancing to reduce such barriers." The report allows for comments from the...
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  • Security trumps priority
    Insolvency
    A recent Supreme Court of Queensland judgement has cemented the long-established principle of secured creditors retaining the proceeds (ahead of claims by priority creditors) of any funds advanced to a company in receivership in order to facilitate a trade-on of the business. As those familiar with the corporate insolvency...
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  • Section 553C set-off not available to creditors with notice of insolvency
    Insolvency
    A right of set-off arises through the mutuality of a debit and a credit, when a person is both owed money by and owes money to someone, the net balance is calculated and that balance is then payable or receivable. This right applies outside insolvency law, but it has been...
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  • Annual Golfers Challenge
    General
    The 2015 RAA Association and Condon Associates Charity Golf Day was held on 21 May 2015. Eleven teams competed for either the RAA Association Shield for the service teams, and the Condon Associates Corporate Shield for the non-service teams. This was the second year that the event was held at...
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  • The Scientist, The Engineer and The Economist
    General
    One can almost be forgiven for giving up reading all the information that keeps coming from every quarter about the state of the economy and its future performance. I certainly acknowledge that much of it can be divided into various camps ranging from the doom-sayers through to the frivolous...
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  • Trustee’s Right of Indemnity and Creditor’s Right of Subrogation
    Insolvency
    In a recent Federal Court case of The Bankrupt Estate of Colleen Anne Rayhill v Truthful Endeavour Pty Limited- the Court clarifies whether the Bankrupt is a Creditor of a Trust by reason of payments by or on behalf of the Bankrupt in respect of Trust Property. The Bankrupt had...
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  • Dura v Hue - Why Secured Creditors need to be viligiant when dealing with the PPSA
    Legal
    In the context of the Insolvency industry, holding security over debts is often viewed as an effective safety net against the ever-present threat of default. However, as the recent case law reveals, this assumption is coming under increasing threat, especially in the context of the recent PPSA (Personal Property...
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  • Media economic reporting
    General
    The 24 hour news cycle has changed the way Australians consume their news information, websites and social media all provide an easy tool. This news cycle has placed enormous strain on journalists, in particular economic journalists. Take for example the large amount of profit announcement s of ASX listed...
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  • ATO Crackdown on Non-compliant Behaviors in terms of Share Transactions
    Government
    It is one of the prime responsibilities of The Commissioner of Taxation to ensure that Taxpayers meet their taxation and superannuation obligations. Failure to address non-compliant behaviors will potentially undermine the public’s confidence in the credibility and reliability of the taxation and superannuation systems, it will also raise concerns...
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  • AFSA December 2014 Quarter Statistics
    Insolvency
    The Australian Financial Security Authority (“AFSA”) recently released the Regional Personal Insolvency Statistics for the quarter ending December 2014 (“the quarter”). The statistics identifies the regions in each state with the highest number of debtors for the quarter. The quarter has seen NSW as the state with highest number personal...
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  • It's back
    General
    After a regrettable absence of some 8 years “Revive” is finally back, and we are proud of it! Originally instituted when I was given the responsibility to create and edit a Newsletter for my previous practice, the name was intended to signal part of my, and therefore the Firm’s, core...
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  • The Real Cost Of Good Advice
    Management
    By Michael Mekhitarian When business people seek advice it is sometimes when their world is falling down around them because they were given dreadful advice by people who promised them a solution for what appears to be a bargain. I have to say it: you often get what you pay for. The...
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  • The Right Advice - The Challenge of the Middle Market
    Management
    When we split the economy into its layers, the bigger end of town are often happy to seek the advice of others, and hopefully for the right reasons. Certainly some of you can point to circumstances where there is an unnecessary preponderance to get advice because the decision maker...
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  • Marketing Tips for Businesses in Financial Distress
    General
    By Edward Zia The reality is that in the modern world, all businesses carry more risks that they would have 20 years ago. We can do our best to mitigate these, however sometimes things within our control & outside of our control can negatively impact us. Financial Distress is an extreme...
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  • CAG COMMUNITY SUPPORT - Having compassion does make a difference!
    General
    Compassion is a charitable organisation that provides sponsorship to children in third world countries that are living in poverty. Whilst it is an organisation that has been built around Christian values the children come from many backgrounds, belief systems, races and experiences. In late 2014, Richard was fortunate to be...
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  • The economically connected world – watch out for Spain and Italy
    Articles, General
    In last month’s article “How We Live in Interesting Times”, Schon Condon spoke about keeping an eye on both local and off shore indicators that may change our economic circumstances. Having spent the last eight years at the helm of the Australasian part of a German international business I...
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  • Sustainability and Materiality
    Articles, General
    I have always considered that one of the key components to having a successful business is 'sustainability'.  Late last year I was queried in relation to this because it was put to me that it was quite practical to set a business up for a specific limited period to...
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  • Insolvency Law Reform Bill 2014-Exposure Draft
    Legal
    It is noted that an essential element of Australia's economic health is an efficient Insolvency System. Even though Australia has a "World Standard" Insolvency System, a number of recent reviews have highlighted areas where reform is essential. The release of the Draft Reform is to strengthen and update Australia's Personal...
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  • AFSA 2015-16 Cost Recovery Implementation Statement
    Government
    On 10 November 2014, the Australian Financial Security Authority ("AFSA") released a Cost Recovery Implementation Statement ("CRIS") for the 2015-16 year. This CRIS was prepared in line with the 2013-14 Mid-year Economic Fiscal Outlook announcing that AFSA was to be funded solely through cost recovery. The proposed fees and...
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  • Statute Barred Debts: How Old is too Old?
    Legal
    The issue of collecting old debts is often placed in the 'too hard' basket by collection agencies, with less than a quarter of collection agencies surveyed by ASIC indicating that they actively pursue statute-barred debts1. Particularly, in regards to the recent case law, clarification of the issues surrounding statute-barred...
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  • Insolvency for Dummies
    Insolvency
    Insolvency can potentially have a significant effect on the lives and livelihood of many different stakeholders from employers, business owners, suppliers, creditors and many more. According to figures from the ARITA website, every year around 400,000 Australians are affected by approximately 30,000 bankruptcies and debt agreement together with 10,000...
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  • Mainstream Media Fails to Add Value on Economic Reporting
    General
    Most Australians rely upon mainstream journalists and news services for their daily roundup of news from across the world, this includes their information on current economic conditions. Having an attention grabbing heading is always important to arouse viewer interest and sadly this often involves sensationalising issues beyond their actual...
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  • Property, Nutri-Grain and Reality
    General
    I was speaking to a solicitor recently who, in conversation, indicated that he was working on two conveyances involving two half million dollar properties that were only 252 square meters in size! Our immediate mutual reaction was that the increase in property values can simply not keep going the...
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  • Asset Protection, transferring assets to spouse
    Insolvency
    It is not uncommon, working in an insolvency environment, to be asked whether you can transfer assets to your spouse prior to the lodgement of a Debtors Petition. Similarly, it is also not uncommon to see assets transferred to a spouse prior to an individual being declared bankrupt by...
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  • Payroll Tax – The Submerged Risk for a Growing Business
    General Accounting
    As a business grows it could find itself liable for payroll tax. You can become liable for payroll tax when you payroll reaches $750,000 per annum (2014 – 2015 financial year). However the threshold is also calculated monthly. So you can become liable as soon as you payroll reaches...
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  • AFSA Enforcements
    Government
    Bankruptcy Trustees are required to report any evidence of an alleged offence committed by a Bankrupt against the Bankruptcy Act. Trustees need to ensure that potential offences are referred as soon as possible in order to ensure that prosecution is possible. Offences proven to be committed can lead to...
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  • Bankrupts' Right to Intervene as a Non-Party to a Proceeding
    Legal
    In a recent Federal Magistrate's Court Decision, Low v Barnet (Trustee); In the Matter of Mathai FCA 728 (04 July 2014) (Foster J), it was affirmed that a bankrupt will be granted leave to intervene as a non-party to proceedings between a creditor and a trustee if they...
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  • Land Tax: From Billionaire's to Bankrupt's
    Government
    Particularly in respect of the current booming Sydney property market, land tax has become an increasingly important issue for investors. For those of us that can't afford a million dollar legal team that is. Land tax, similarly to council rates, attaches to property rather than to an individual. Land tax...
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  • When is Business Failure NOT business failure?
    Articles, Management
    The answer is, when you are brave enough to ask the hard questions, the courage to find honest answers and then act on those answers. Your business is the vehicle to achieve your goals in life whatever they may be. When you lose sight of those goals and the business...
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  • Early signs of insolvency
    Articles, Insolvency
    Management of business debt can be difficult whether your business owes money to a supplier or alternatively if a client owes your business money. Businesses go through cycles of ups and downs and it is important that you can identify when your business maybe heading towards financial distress in...
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  • Thank you. But how fit is your business?
    Articles, General
    Firstly I must acknowledge and thank those involved in our achieving Finalist status in two categories of the Western Sydney Awards for Business Excellence, commonly referred to as the WSABE’s. It is with pride that I acknowledge nominations for both Business Ethic’s and Leading Business 2014. I suspect that...
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  • Does the law really encourage a fresh start for bankrupts?
    Articles, Insolvency
    In a recent Federal Court Decision, Di Cioccio v Official Trustee in Bankruptcy FCA 782, it was affirmed by Justice Pagone J that any after acquired Property by a bankrupt vests with the Bankruptcy Trustee, whether acquired from his income or savings. The Judgement does leave one with a...
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  • For asset protection – make sure your SMSF is complying
    Articles, Legal
    In the recent decision of Coshott v Prentice FCAFC 88 the Full Federal Court found on dismissing an appeal that property claimed by the Bankrupt to be held by a self-managed superannuation fund was in fact beneficially owned by the Bankrupt. An important consideration by the Court was that...
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  • Vexatious Litigation process
    Articles, Legal
    Vexatious Litigants are those in the community who use the civil court system to pursue petty issues and intimidate others, often out of nothing more than vindictiveness, at great expense to society and at little advantage to themselves beyond a feeling of “pay back” at someone. The Vexatious Proceedings Act...
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  • Bankruptcy statistics
    Articles, Insolvency
    Based on the statistical figures provided by the Australian Financial Security Authority (“AFSA”) the most common path for insolvent individuals is to file for Bankruptcy. However, the undertaking of a Debt Agreement has increased significantly over the last few years and more individuals have put forward proposals of Debt...
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  • Amendments to the Franchising Code of Conduct
    Articles, Legal
    By Sophie Bai & John Jolly Following the recommendations of an independent review of the Franchising Code of Conduct (“the Code”) by Alan Wein in 2013, the Government released a draft of amendments to the Code in April 2014 with the following major reforms:- Enforcement tools available to the Australian Competition...
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  • Condon Update
    Articles, General
    What a busy couple of month we’ve had! And we’re going to get busier with more events to come! On 7th August, the 2014 RAA Association (NSW) and Condon Associates Charity Golf Day took place at Rosnay Golf Club raising more than $3000 which will be donated to the Sydney...
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  • Why do businesses fail?
    Articles, General
    The reasons for business failure are extensive. This article will provide readers with an opportunity to understand the main causes of business failure and how, at times, they are easily avoided. As Insolvency Practitioners, it is our duty by Law to investigate into the affairs of an Insolvent Business and,...
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  • Bit-coin; the Emperor's new clothes?
    Articles, General
    I have been maintaining a passing interest in the development of the Bit-Coin phenomenon but I must say my initial interest essentially began with the usual disbelief.  However over the last few months there has been an increasing amount of media relating to various aspects of the phenomenon, it...
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  • Court of Appeal backs Liquidator looking behind regulations
    Articles, Insolvency
    In the ongoing battle of the Environment Protection Authority (“EPA”) v Orchard Holdings (NSW) Pty Limited (In Liquidation), the Supreme Court of New South Wales Court of Appeal (“Court of Appeal”) in essence determined that Legislative Regulations cannot go beyond what the power that are conveyed in their relevant...
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  • Affirmation to Liquidator’s equitable lien
    Articles, Insolvency
    The message to secured Creditors is be decisive and save costs. In a recent High Court Decision, Stewart v Atco Controls Pty Limited (in Liquidation) HCA 15, it was affirmed, the Liquidators have their right to lien to a valid security. For work done by them as part of...
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  • Risks managing deceased estates without a will
    Articles, Legal
    A Deceased Estate comes into existence when a person dies. Such an Estate must then be administered and distributed in terms of the Deceased's Will. In the absence of a valid Will, Deceased Estates leave family members with the added emotional and financial burden of having to deal with uncertainty...
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  • Personal Property Securities Registrations – practical tips
    Articles, Legal
    The commencement on 30 January 2012, of the Personal Property Securities Act 2009 (“PPSA”) introduced a national regime that has created a significant impact on the way security interests are handled across Australia. In this respect, there are three major changes that might affect your business as follows:- Jewellers and...
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  • Privacy – the risks in collecting personal information
    Articles, Legal
    New privacy laws commenced on 12 March 2014. It is worth considering how “privacy” applies to your business or practice. There are real benefits from having a well-oiled CRM (Customer Relationship Management) system that collects personal information from customers and prospects. But these benefits come at a cost – the...
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  • Budget/12 Doesn’t Equal Cash Flow
    Finance
    April, that time of the year when the nights appear longer, air is crisp in the morning and getting out of bed is just that little harder. It’s also the time of the year when many business owners start to plan “next year”. The success or failure of the current...
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  • Jobs, business, the watershed?
    Articles, General
    Whilst I have made some comments about this recently in our online Blog, given what I believe is it’s importance I consider that it is worthy of further comment here. Growing in 2013 and arriving with a real crunch in the first part of 2014 has been the reality that...
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  • Insolvent Deceased Estates (Part XI of the Bankruptcy Act 1966)
    Articles, Insolvency
    Part X1 of the Bankruptcy Act 1966 (“the Act”) contains provisions enabling the Insolvent Estate of deceased persons to be administered in Bankruptcy. Part X1 of the Act provides for the following:- 1)                  Administration of Deceased Estates for persons who are insolvent at the date death; and 2)                  Administration of Deceased...
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  • Director Penalty Notices and Superannuation
    Articles, Legal
    The topic of Director Penalty Notices (“DPN”) continues to be of interest within the Corporate realm. Recently, I was approached for information on the consequences of a Company’s failure to meet Superannuation obligations. For those who are unaware, the Director of a Company has a duty to ensure Superannuation provisions,...
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  • ATO to Take Over Charity Compliance – Is This a Good Thing?
    Articles, Government
    We have all seen over the years when a new government takes control, State or Federal, there is a shift in how things are run.  This usually includes the creation or the rationalisation of agencies and departments for what the new government calls rationality.  Mr Abbott’s government is no...
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  • Liquidator’s and Receiver’s Liability for CGT
    Articles, Insolvency
    In a recent Federal Court Decision, Australian Building Systems Pty Limited (In Liquidation) v Commissioner of Taxation FCA 116, it was held that section 254 of the Income Tax Assessment Act 1936 (“ITAA36”) had no application to the Liquidators in terms of retaining money prior to issue of...
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  • Why is Fraud Management important?
    Articles, Legal
    The management of fraud is an essential element not only of a strong corporate governance structure, but also your market reputation and bottom line. Fraud is a distinct risk that needs to be properly identified, assessed and managed to ensure senior management are fully aware of all the risks...
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  • Welcome to 2014, a time to watch closely
    Articles, General
    The New Year is upon us and we can now say a convincing farewell to 2013, and it was an interesting year to say the least. Musing over what I wrote last year it is interesting to note that we are still dealing with an intriguing world economic situation that...
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  • Business ethics part 4 – eliminating Corporate wrongdoings
    Articles, Management
    ‘If ethics are poor at the top, that behavior is copied down through the organisation.’ -Robert Norton Noyce, “the Mayor of Silicon Valley”. In the wake of numerous corporate scandals between 2001 and 2004 affecting large multi-national companies like Enron, HIH Insurance, One.Tel and WorldCom, even small and medium-sized companies...
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  • The practical effects of PPSA
    Articles, Insolvency
    The Australian case law which may have assisted us to understand the following practical effects of the PPSA:- In the collapse of the Hastie Group Limited the Administrators applied to the Court to sell equipment even though they were registered with the PPS Register. In this case Administrators faced difficulties...
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  • Liquidator’s power to act for all Creditors
    Articles, Insolvency
    In a recent High Court Decision, Willmott Growers Group Inc. v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation) HCA 51, it was confirmed that a Liquidator of a landlord Company has the power to disclaim lease with the effect of terminating a tenant’s interest in a...
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  • Re-inventing the wheel
    Articles, Insolvency
    It is common for Directors of a Company to appoint an Administrator to control as a Winding Up application against that Company is in progress. To clarify, the appointment of an Administrator does not stop the Winding Up proceedings, rather, it develops into two alternative processes relating to the...
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  • Section 66G of the Conveyancing Act 1919 (NSW)
    Articles, Legal
    By Irma Tedja and Jack Li Section 66G of the Conveyancing Act 1919 (NSW) (“the Act”) provides a mechanism where disputing joint owners can have a real estate property sold. In essence where a property is owned by more than one person, one of the parties can approach the court...
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  • Condon Update November 2013
    Articles, General
    Condon Associates celebrated its 7th birthday with a Mad Hatter’s Tea Party balcony bash this October. Thank you to all of our friends and colleague who have supported us over the years, and welcome to our new friends who we most definitely look forward to working with in the...
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  • And from the fires of hell
    Articles, General
    As I write this we have felt and are continuing to feel the first onslaught of this fire season. The very first on the 10th September when I went to Portland to attend one of my Great Aunt’s 100th Birthday functions and returned to find my own home, as...
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  • Business Ethics part 3 – Identifying and discussing the different types of corporate wrongdoings
    Articles, Management
    In our September 2013 issue of On The Beam, I discussed the strategies for defining and promoting ethical business conduct. Discussions about ethical issues, not to mention attempts to encourage ethical behaviour, are constantly derailed by the invocation of common misstatements of ethical principles all of which ultimately leads...
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  • Moral compasses- Do businesses need them?
    Articles, Management
    At the recent Condon Associates 7th Anniversary Birthday Bash, Schon Condon, our Managing Principal, thanked all his staff for the outstanding work efforts and contributions to another successful year. I fully endorse Schon’s recognition and acknowledgement of the efforts and commitment of our staff throughout the last 12 months. Schon...
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  • Raising from the ashes – Confused about illegal Phoenix Activities?
    Articles, Insolvency
    What are you going to do about the phoenix activities of the Directors? That is a common question I get asked all the time by creditors and even some accountants and solicitors. There seems to be so much confusion on what is and is not illegal phoenix activities. This is...
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  • Liquidator’s Capital Gain Tax consequences
    Articles, Legal
    Like every other working individual, Liquidators are also faced with that three letter word ending with an X which everybody loves to hear, TAX! A Liquidator’s duty in dealing with the assets of a Company under Liquidation can generally be summarised into a three step process as follows:- Identify the...
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  • Vision: Yes, it’s only a perception
    Articles, General
    By the time you are reading this the election is just about to occur, regardless of the way the result goes, one given is the fact that the one thing you probably spotted from the whole process was a void of “Vision.” But what really is vision?  Well when I...
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  • Director Penalty Notice (“DPN”) - important update!
    Articles, Insolvency
    On 5 July 2012 Condon Associates issued a Media Alert in regard to changes to Taxation Legislation on 29 June 2012 which resulted in Directors becoming personally liable for their companies’ PAYG Withholding and Superannuation Guarantee Charges. Briefly, the Director Penalty Notice Regime now provided: Directors’ penalties to be  issued in...
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  • Business ethics part 2 - Strategies for defining and promoting ethical business conduct
    Articles, Management
    In our July 2013 issue of On The Beam, I discussed the definition of Business Ethics and why it should be encouraged to eliminate or reduce corporate wrongdoing. As mentioned previously, promoting Business Ethics is essential for the functioning of a successful business and ultimately the economy. Every professional...
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  • Recent Supreme Court of Queensland decision – Mine operators beware!
    Articles, Legal
    As most of us are aware, pursuant to the Building and Construction Industry Payments Act, 2004 (QLD) (BCIPA), the normal procedure for claiming payment by a person (“Claimant”) from another (“Client”) for performing “construction work”:- The Claimant serves a written payment claim on the Client for the work performed The Client...
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  • Voluntary administrations and granting of extensions of the convening period for the Second Creditors Meeting- recent Court decisions
    Articles, Legal
    Up until recent times, it was commonly known that the Courts would readily grant an Administrator's application for an extension to the convening period. Not anymore, as evidenced in the two following recent cases:- 1) Re: Harrisons Pharmacy Pty Limited (Administrators Appointed) (Receivers and Managers Appointed), and 2) Re: Autodom Ltd (Administrators...
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  • Be first out of the block
    Management
    I was fortunate enough to meet Usain Bolt on one of his trips to Sydney and whilst I stood in awe of the fastest person in the world, what really impressed me more was his trainer; Glen Mills. Mills has been coaching Bolt since 2004 and since then the record...
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  • Telling tales!!
    Articles, General
    Whilst the younger generation may think that telling stories is a relatively new thing because of their cultural attachment to all things technological and the internet’s ability to spread a tale far and wide rapidly, it is in reality a very old trade.  Ask any Indigenous Australian who will...
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  • Don’t wait until it is too late – Director’s need to take action sooner
    Articles, Management
    People often ask me how I ended up in accounting after being a constable in the NSW Police Force.  For me it has not been that much of a change.  Granted it is no gang and drug war on the streets of Cabramatta in the late 90’s but there...
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  • Business ethics and corporate wrongdoings – part 1
    Articles, Management
    When a Company is struggling, the organizational environment is fraught with ethical pitfalls and traps. More often than not, one party makes a decision in their favour but at the expense of another party. Therefore it is my opinion that every professional, upon making that decision, should base their...
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  • Litigation schemes and proof of debt schemes: Managing conflicts of interest
    Articles, Legal
    A proof of debt scheme is one of the ways for creditors or members to fund external administrators such as Liquidators to enable investigations, seek or enforce a remedy against a third party or defend proceedings against a body corporate. A person providing financial services to fund a litigation or...
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  • Defences to Unfair Preference claims
    Articles, Legal
    If an “Unfair Preference” claim is brought by a Liquidator the following defences may be available. Whether any or all of the defences is available will depend on the circumstances of each case:- “Good Faith” Defence It will be a defence to an Unfair Preference claim if the recipient of the...
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  • Carbon Tax beats GFC in AUS!!!
    Finance
    It's (at the time of writing) the latest news, the Carbon Tax is responsible for more business failures in Australia than the GFC. Fearfully, it would be almost impossible to find a more purely politically focused statement. It’s recently been reported that there have been more than 10,500 corporate failures...
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  • Good news for Directors on defence costs?
    Articles, Legal
    By Hakki Hassan and Lyn Dong Directors and Officers Liability Insurance (“D&O”) is liability insurance payable to the Directors and Officers of a company, or to the company itself, as indemnifications for certain damages (or losses) or advancement of defence costs in the event any such insured suffers such a...
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  • Directors and “Directors” – Part 5 Liabilities of Directors
    Articles, Management
    In our February 2013 issue of On The Beam, I discussed the Directors’ defences for Insolvent Trading pursuant to Sections 588H, 1317S and 1318 of the Corporations Act 2001 (Cth) (“the Act”). However as I have mentioned in the previous newsletter, the defences that I have listed may seem...
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  • Directors’ inspection of records of a company in Receivership
    Articles, Legal
    The appointment of a Receiver by a Secured Creditor does not take away all the powers and duties of the Directors. As such the common law right of Directors to inspect the books and records of the Company during receivership is unquestioned. However, Directors have to act in such...
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  • A baptism by fire
    Articles, General
    By Jack Li A bright and early start was in order for my first ever networking event for my new Firm Condon Associates. I was excited about attending and it was held at a familiar place, where I had experienced both great joy and great heartache, the Parramatta Leagues...
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  • Welcome to 2013, who's got their hand in my pocket this time?
    Articles, General
    Well welcome to 2013 a year that I am confident will be full of novel and interesting challenges that will be peculiar to the new environment in which we operate.  The most important thing to remember is that it is a year in which we must learn from the...
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  • Directors and “Directors” – Part 4 Defences to an Insolvent Trading Action
    Articles, Management
    In our November 2012 issue of “On The Beam”, I discussed issues relating to the Directors’ duties to prevent Insolvent Trading pursuant to Section 588G of the Corporations Act 2001 (Cth) (“the Act”). Recently, the growth in the number of Insolvent Trading offences reported have led to a trend to...
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  • Fair Entitlements Guarantee
    Articles, Government
    The Fair Entitlements Guarantee is the upgraded government scheme helping employees who lose their job and have outstanding entitlements because their employer goes into liquidation or is bankrupt.  This scheme is run by the Department of Education, Employment and Workplace Relations. From 5 December 2012, the Fair Entitlements Guarantee (“FEG”)...
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  • Tenants’ leasehold interest vulnerable to Liquidators’ power to disclaim leases
    Articles, Legal
    A liquidator is permitted by law to disclaim onerous property and contracts in a winding up to enable the company in liquidation to be free of onerous obligations so that it can be wound up without delay for the benefit of its creditors. In August 2012, in the matter of...
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  • Important facts about your credit file!
    Articles, Legal
    Section 18 E (1) and Section 18 E (2) (a to f) of the Privacy Act 1988 (Cth) provides for the storing of information in regard to your credit report and outlines what information is permitted to be stored. When applying for credit, you can be certain that your selected...
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  • Building Business Growth the Creative Way - Through Managing and Motivating Staff
    Management
    If you are wondering how you can grow your business in these times whether we are still a little affected by the economy, then maybe it’s time to look at things a little more creatively. Businesses often take the easy way out by increasing their employee’s wages, however many companies...
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  • Many thanks, one and all!!
    Articles, General
    October has certainly turned out to be one spectacular month, and certainly one that we as a Firm must say a formal “Thank you” for. We again hosted our annual celebration on the office balcony in Parramatta, an event that essentially dates back to late last century (sounds cool, no!),...
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  • Directors and “Directors” – part 3 Duty to prevent Insolvent Trading
    Articles, Management
    In today’s modern world of business, individuals constantly face ethical dilemmas; Directors in a Company have to make daily decisions which might result in the Company performing corporate misconduct which will harm certain individuals or parties. As mentioned in the instalment of Directors and “Directors” in our September 2012...
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  • The Federal Court of Australia denies Litigation Funding
    Articles, Legal
    As most of us may be aware, Litigation Funding (LF) allows Insolvency Practitioners (IP) to obtain funds from Litigation Funders to pursue actions that they would otherwise be unable to pursue due to a lack of funds. Litigation Funders are organisations that provide funds to meet the costs of...
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  • Value of technical knowledge
    Articles, Legal
    A recent judgment in the Federal Court (Michell (Trustee), in the matter of Lee (deceased) FCA 1046) demonstrates the value of bankruptcy trustees and their staff having and maintaining technical knowledge. The trustees of a bankrupt estate brought their ill-fated application which involved a legal principle which had...
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  • Recent changes to NSW Workers Compensation
    Articles, Government
    By Maggie Lau and Leonard Khoury The Minister for Finance and Services, Greg Pearce, made an announcement on 7 August 2012 that the NSW Parliament passed the Workers Compensation Amendment Act 2012 (“the Act”) in June 2012. Reforms will be implemented in stages and will affect the way workers compensation...
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  • Human Capital
    Articles, General
    We often consider the value of a business based on its hard assets or its ability to generate money.  In doing the relevant calculations we acknowledge the existence of employees, we sometimes even identify key employees, but rarely do we properly analyse their true value.  Everyone is replaceable, the...
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  • Directors and “Directors” – part 2 Directors’ duties
    Articles, Management
    In our April 2012 issue of On The Beam, I discussed the scope of who is considered a “Director” of a Company under the Corporations Act 2001 (Cth) (“the Act”). However, this analysis was merely the precursor to a much broader topic, Directors’ Duties and Insolvent Trading. Sadly, all too...
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  • Reward to Administrators Acting In Good Faith
    Articles, Legal
    As we all may be aware, Section 181 of the Corporations Act 2001 (“the Act”) prescribes the Civil Obligations of the Directors and Other Officers of a Company, more specifically imposing upon them to obligation to act in good faith in the best interest of the Corporation and for...
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  • Corporations Amendment (Proxy Voting) Bill 2012
    Articles, Management
    On 18 June 2012, Parliament passed the Corporations Amendment (Proxy Voting) Bill 2012 in relation to Proxy Voting Rules for Director and Executive Remuneration at Annual General Meetings (“AGM”) of Companies. Pursuant to Section 250N of the Corporations Act 2001 (“the Act”), a Public Company which has more than one...
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  • News Update - EBIT MS
    Articles, General
    The National Shadow Minister for Small Business, Mr Bruce Billison (MP) recently suggested that there are several challenges for small business owners including regulations ruling the business owner’s time and difficulty in getting a business loan. With the changes to funding for Government Business Advisory Services (BAS’s) this also...
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  • Rejoining ancient tribes
    Articles, General
    One of the inherent factors of being involved with the insolvency profession is that you get many opportunities to see how things can be done wrong, and how they can independently go wrong. The advantage of this is certainly knowledge but more importantly it is the ability to impart...
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  • ATO pays the price for undelivered mail!
    Articles, Government
    The Federal Court of Australia has recently highlighted, in the matter of Deputy Commissioner of Taxation v Manta’s on the Beach Pty Ltd FCA 417, the risks run by the Australian Taxation Office (“ATO”) who served a statutory demand on the Company by post in the hope of...
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  • Residential Builder Fails-Protection via Home Warranty Insurance Scheme
    Articles, Finance
    Over the past month, we have witnessed several major construction entities enter into some form of External Administration by the appointment of either Receivers and Managers or Voluntary Administrators, or in extreme cases, Liquidators. These appointments have resulted in the temporary halt to multi-million dollar projects, including the $2...
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  • Admissibility of Cost Orders in External Administrations
    Articles, Insolvency
    As we are all aware, Costs Orders made in an Insolvency situation rank a priority in External Administrations, including individual Bankruptcies.  However, for an External Administrator/Trustee in Bankruptcy and the Parties involved, it is very important to consider the date when the Cost Order was made as this determines...
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  • Up the Windsor Road! or is it a smoke screen?
    General
    I’m sure that everyone very quickly relates or remembers this famous 80’s slogan from that memorable car dealer in the Hills district of Sydney, Tony Packard who was also member for the Hills from 1990 to 1993.  So what is the relevance you say? Over recent months there have been...
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  • Changes to Bankruptcy Act – Debtor’s Petition Form
    Articles, Legal
    The Bankruptcy governing Body (“ITSA”) has recently advised that there will be a change to the Debtor’s Petition Form and associated instructions.  The change will be that while making a petition with ITSA, the Debtor will be required to furnish details and evidence to support their identification prior to...
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  • And you think that you have money issues!
    Articles, Finance
    A very informative ITSA presentation organised by Condon Associates grasped the audience’s attention to question the suitability of Regulations & Enforcement and the effectiveness of the procedures in place to manage various matters relating to Bankruptcy. We all know how important money is in today’s unpredictable world, so the first...
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  • Directors and “Directors”… part 1.
    Articles, Management
    As we have discussed previously, when a company is facing difficulty, one of the first places stakeholders look for answers is at the head of the company, the directors. But what happens when the director isn’t aware of the affairs of the company and is only a mere figurehead? Under...
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  • Unfair preference claims: Justice is served!
    Articles, Legal
    The Federal Court of Australia has recently handed down a decision in the matter of Kassem and Secatore v Commissioner of Taxation FCA 152 to allow the recovery of unfair preference payments under Section 588FA of the Corporations Act (“Act”), by insolvency practitioners from the Australian Taxation Office...
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  • Personal Property Securities Reforms: The wait is over!
    Articles, Insolvency
    Introduction The long awaited Personal Property Securities regime has now been in operation since 31 January 2012. The Register has been introduced to replace the varied State legislations across Australia affecting consumer interests in assets with a new National System.  The Register will serve to be a one stop shop for...
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  • Condemning the appointment of an administrator
    Articles, Insolvency
    It has been decided that it is an abuse of the Voluntary Administration Process when an Administrator is appointed just before a Winding up Application is to be heard and the Administrator is not able to convince the Court that the administration would be in the Creditors’ best interest....
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  • Few people have learned from the past 5 years!
    Articles, General
    Welcome to 2012! Certain to be an interesting year...already! We march into 2012 with possibly more already said about this year than any other year in recent history in fact there is a dedicated website to the predictions of 2012! For those interested in watching things unfold feel free to...
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  • Assessing foreign income in Bankruptcy
    Articles, Insolvency
    A decision was made by the Administrative Appeals Tribunal of Australia (“AAT”) on 28 September 2011 in regard to the rate of currency conversion to be used in income assessments when a bankrupt derives foreign income: Sheikholeslami v Inspector-General in Bankruptcy AATA 670. Ms Sheikholeslami worked as a Professor...
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  • The end of an era? Eastman Kodak Company
    Articles, Finance
    Rumours circulated in the United States of the possible Bankruptcy of the Eastman Kodak Company (“Kodak”), the iconic photographic equipment manufacturer. The Wall Street Journal reported that Kodak engaged restructuring solicitors and advisors in addition to preparing briefs for submission to the Federal Bankruptcy Court. On 20 January 2012...
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  • The Financial Crisis isn’t that bad?
    Articles, Finance
    The Economic crisis is no surprise. It was anticipated once the “Housing Bubble” burst during 2001 in the US. However, the underlying question is, “Can the Financial Crisis be a Positive thing?” From a scientific perspective, it will be almost impossible to suggest that the economic crisis will cause a...
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  • Leadership, in a new environment
    Articles, General
    Leadership is one of those golden chestnuts that simply seem to continually raise its head.  My earliest exposure to genuine business leadership was in my early audit days where I had the opportunity to meet many General Managers (GM’s) and Managing Directors (MD’s), as they were in those days,...
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  • Changes to stamp duty concessions for First Home buyers: good news or bad news?
    Articles, Government
    The NSW State Government announced on 6 September 2011 that as of 1 January 2012 stamp duty concessions will only be available to First Home Buyers purchasing a brand new home or vacant land intended to be used as a site for a first home. So purchasers of established...
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  • Obama proposed 'Buffett Rule' to combat debt crisis
    Articles, Government
    In recent news from the United States, President Barack Obama has caused quite a stir with his proposed “Buffett Rule” to help alleviate some of the pressure of the Country’s growing debt crisis. President Obama’s proposed tax amendments will change the way individuals are taxed on incomes in excess...
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  • Sounds too good to be true? Perhaps it is...
    Articles, Legal
    (Source: http://www.scamwatch.gov.au) Before the introduction of the internet, small business was usually confined to a local customer base. The internet has changed this forever. Now the sole trader who sells items as a hobby from their home has worldwide customer base. Unfortunately this is also the case for criminals. Criminals throughout...
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  • Court approves registration of Whiskas Purple as a trademark
    Articles, Legal
    Over a year ago, the Federal Court of Australia handed down a decision in favour of Mars Australia Pty Ltd (“Mars”) in regard to their application to register a single colour as the business’ trademark. In November 2002, Mars, the owner of a cat food brand “Whiskas”, applied to register...
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  • Books and Records - What is sufficient?
    Articles, Insolvency
    More often than not, when we get appointed to a new matter, whether it be turnaround or an insolvency one of the first things we ask is “Where are your records?”. Many people misunderstand the importance of keeping proper books and records and the far reaching effects of not...
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  • Changes to domain name - Whether a gain or a loss?
    Articles, General
    Recent changes by global body to the online naming process for internet addresses has supported brands in having a chance to carry marketing campaigns by buying specific domain names linked to them. However, at this stage it is difficult to comment whether or not this revolution would prove to...
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  • The rollercoaster continues
    Articles, General
    As I have touched on in my blog the recent changes on world markets have been drastic but not fatal, in one sense sudden in another predicable, probably necessary and most fundamentally it contains some severe warnings and lessons for us all. That situation was almost immediately followed by the...
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  • When are Secured Creditors considered Shadow Directors?
    Articles, Management
    In the recent case of Buzzle Operations Pty Ltd (in liq) v Apple Computer Australia Pty Ltd NSWCA 109, the issue of whether a secured creditor may be exposed to director’s risks as a shadow director by exerting influence over a company was considered amongst other interesting topics. In...
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  • Insolvency Regulation Reform
    Articles, Insolvency
    In September 2010, the Senate Committee produced a report titled “The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework”. The Committee published this report as part of an inquiry into insolvency practitioners and regulation within Australia. The inquiry was specifically established “in...
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  • A Rewarding Read
    Articles, General
    I recently read a great book on what motivates us in the workforce and teaches us as employees how we can get the most out of our workday, not by simply increasing productivity but by creating a fun atmosphere to work in. The book does this by telling the story...
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  • I.T.: Going forward, going backward? Going round in circles!
    Articles, General
    Whilst much of what we read in the press these days is often puffed up and sensationalised, there is often a real and genuine issue lurking under the hype. This is no more so evident than with all the recent press and notoriety that our friends from LulzSec have gained...
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  • Liquidator surveillance - Practice visits and transaction reviews by ASIC
    Articles, Legal
    With ASIC’s renewed focus in the area of Liquidator compliance; ASIC is continuing to undertake a number of projects to assess Liquidator compliance with their legal obligations and to assist them to improve overall industry performance. Amongst various projects undertaken by ASIC, this article will discuss the Liquidator Surveillance...
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  • Just one more tax
    Articles, General
    Well the tax that would never come on this watch is, at least, on the table. Let me first of all put this article into some perspective. My own stance is that I am one with a respect for much of the current findings and research that supports the case...
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  • Sons of Gwalia
    Articles, Insolvency
    There have been some recent changes to the legacy afforded by the Sons of Gwalia decision, however, in order to comprehend the reason for the changes, one first needs to understand the context from where the legacy commenced. In order to do so, this matter will be briefly considered...
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  • Outsourcing of accounting services
    Articles, Management
    Outsourcing or offshore outsourcing is where an organisation, most commonly a business enterprise, engages an external organisation in a different country to carry out some of its labour intensive service administrative functions, for example, data processing and customer support. The trend for Australian business enterprises to use offshore outsourcing has...
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  • Wishes, Resolutions, Dreams and the Future
    Articles, General
    The noughties decade is now behind us and I know that many others like myself were very happy to see the end of 2010.  It is hard to believe that the decade evaporated so quickly. As I write this we are seeing the beginning of the clean up in Queensland,...
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  • Employees Entitlements in a Receivership
    Articles, Management
    You may recall from one of our recent newsletters about concurrent appointments and when a receiver may be appointed by a secured creditor or the court to take control of some or all of the company’s assets.  A recent Federal Court decision has clarified some previous inconsistencies in the...
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  • ATO Raising the Stakes in the Crack Down on Self Managed Super Funds
    Articles, General Accounting
    There has been an increase in media attention surrounding the ATO’s toughened stance on prosecuting non compliant self managed super funds (“SMSF’s”) in the last 18 months. This article seeks to explain the reasons behind the Australian Taxation Office’s (“ATO”) crackdown on non complying SMSF’s, the penalties which are...
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  • Pooling of Companies Assets and Liabilities
    Articles, Insolvency
    Background On 31 December 2007 updated pooling provisions were introduced as part of a range of amendments to the Corporations Act 2001 (“the Act”). The relevant provisions in regard to pooling are Sections 571 to 579Q of the Act. Broadly speaking, under Section 571 of the Act, the Liquidator of one or...
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  • A Long Time, A Short Time
    Articles, General
    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...
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  • Senate Inquiry into Insolvency Regulation
    Articles, Legal
    Recent high profile corporate collapses have put the Australian Securities and Investments Commission (“ASIC”) under the spotlight as to its ability to preside over corporate insolvencies. This has instigated an inquiry by the Senate Economics References Committee into the regulation, registration and remuneration of the insolvency industry. The Committee...
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  • Piracy and the effects it has on the Music Industry in relation to Intellectual Property Law
    Articles, Legal
    Piracy is such a large and important issue covering the world in more ways then one would think. There are two major effects piracy has on businesses within any industry. Piracy allows individuals to access any file or documentation, able to tamper with documents and undervalues your product. Piracy...
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  • Parramatta Accountants Discussion Group - Report
    Articles, General
    There has been an ever growing need in the Parramatta Business Community where working professionals could come together during a busy working week and discuss issues relevant to their personal and professional endeavours with like-minded peers who come from a wide variety of business backgrounds. Out of this need...
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  • ASIC Guidelines to Directors Duties
    Articles, Management
    Directors of companies are the brains of the organisations. They determine how their companies are run and control the direction of the companies. Attached to the domineering powers that directors enjoy are onerous duties, one of which is the duty to prevent insolvent trading. The idea behind setting up a...
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  • Personal Guarantees and Director’s Exposure
    Articles, Management
    A Personal Guarantee is a legally binding agreement between a third party and a Creditor, whereby the guarantor is required to settle obligations of the Debtor toward the Creditor. Personal guarantees are usually entered into by the Director/Directors of a Company agreeing to meet a debt owed by the Company...
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  • Important Changes to Director Penalty Notices
    Articles, Management
    Director Penalty Notices (“DPN”) have undergone some significant changes with effect from 1 July 1 July 2010. The DPN regime will be familiar to many. Just briefly, a Director of a Company that has a tax debt to the Australian Taxation Office (“ATO”) for unremitted PAYG withholdings may be served...
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  • A lesson learnt, or is it yet to be learned?
    Articles, General
    A little over a week ago, I received notification from the Senate that the Senate Inquiry into the Insolvency industry would be delaying the publishing of their report due to the fact that the Federal Parliament had been parouged for the calling of the General Election. The proposed new...
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  • Insolvent Trading Action and the Defences Available
    Articles, Insolvency
    Pursuant to Section 588G of the Corporations Act 2001 (“the Act”), Director’s have a duty to prevent insolvent trading by the Company. If the Director incurs a debt without reasonable prospect for being able to repay the debt, the Director can become liable to compensate the Company/Creditors for those...
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  • Who really owns the business? Or more importantly, who is liable?
    Articles, General
    On a recent advisory matter we were introduced to we arrive at the business premises and after being given the general look around picked up one of the business cards off the counter which proudly announced ‘“Blah, Blah, Blah” proudly owned and operated by Mr X and Mrs X.’ ...
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  • Common Indicators of Potential Insolvency
    Articles, Insolvency
    The Consultation Paper 124 issued by ASIC in November 2009 outlines proposals to help Directors understand and comply with their duty to prevent Insolvent Trading. Section C of the Consultation Paper provides guidance on how ASIC will assess whether a Director has breached his/her duty to prevent Insolvent Trading....
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  • Annulment of a Bankruptcy
    Articles, Insolvency
    In the administration of a small number of Bankruptcies, the Trustee’s investigations may reveal realisable assets which, if realised, would enable a full payment to Creditors. Alternatively, the Bankrupt may receive monies from a third party. Whatever the cause is, if the Trustee is satisfied that all the Bankrupt’s...
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  • Section 73 Proposal Vs Personal Insolvency Agreement
    Articles, Insolvency
    The purpose of this article is to discuss a number of options under the Bankruptcy Act which may be available to a person who has an insolvency problem.  For the purposes of this article, this person will be referred to as a Debtor. For those that may not be aware,...
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  • An Adventure in South East Asia
    Articles, General
    A little over 12 months ago I joined Condon Associates as a File Clerk under the Traineeship Programme run by the Federal Government. This opportunity came about as a result of my involvement with the Australian Army Reserve, where I first met LTCOL Schon Condon. During 2009 in my role...
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  • Anzac Day
    Articles, General
    'Anzac day is more than just a public holiday. It’s more than getting up early, going to a dawn service and then heading to the pub for a beer and a game of 2-up. Anzac Day is also more than just remembering those lives lost at Gallipoli. Today's Anzacs are...
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  • Was that really a crisis we just had?
    Articles, General
    As 2010 begins to further unfold the country continues to bask in the burgeoning prosperity of a growing and blossoming economy. It’s funny but around this time last year at a presentation I was doing I had suggested that the then current crisis would be over by June next year. ...
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  • Has the Law gone soft on Insolvent Trading?
    Articles, Insolvency
    The Corporations Act provides for civil and criminal sanctions against directors (and shadow directors) for insolvent trading. Section 588H provides directors limited defence to civil insolvent trading actions. However, Sections 1317S and 1318 of the Corporations Act gives the Courts discretion to excuse directors either wholly or in part from liability...
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  • Gambling and Bankruptcy
    Articles, Insolvency
    It’s no secret that Australia has a long established and ever-increasing penchant for gambling. Since 2001, adult Australians have lost over $14 billion dollars annually on gambling. This is the equivalent of over $1000 dollars for every adult Australian.  This trend towards enjoying a ‘punt’ has had some serious...
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  • Deposits and Prepayments
    Articles, General Accounting
    Many of us accept that it is common practice when purchasing goods at the retail level that in order to have the merchant request the goods from the supplier, they will require the customer to leave a deposit. This in itself is acceptable to both the supplier and the consumer...
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  • Enter the Teens!
    Articles, General
    Happy New Year and welcome to 2010. Gone are the Naughties and now we can enter the Teens with interest and a positive frame of mind. Even though we are only a few weeks into the new decade and business is not yet into the full swing of things for...
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  • Salary Sacrificing Superannuation Contribution
    Articles, Insolvency
    A superannuation salary sacrifice arrangement works by reducing your gross salary in return for your employer making additional contributions to superannuation on your behalf. The salary sacrificed amount of superannuation together with superannuation guarantee contributions by the employer form part of the concessional contributions to the fund. From 1 July 2009,...
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  • Fines in Respect of Disciplinary Action - Provable Debts in Bankruptcy
    Articles, Insolvency
    Pursuant to Section 82(3) of the Bankruptcy Act, penalties and fines imposed by a Court in respect of an offence against a law are generally not provable. Upon discharge from Bankruptcy, a Bankrupt is released from all of his or her provable debts. As fines and penalties, are not...
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  • So, What is an FEB?
    Articles, General
    Just prior to the penning last article I was listening to one of the business radio programmes when the guest raised the issue of how well prepared were people for the forthcoming return to more affluent times which was then suddenly defined as the “Future Economic Boom” or, as...
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  • ASIC Prosecutes Legal Representative for Phoenix Activity
    Articles, Legal
    PHOENIX activity is typically associated with Directors of Companies in financial distress who transfer the assets of an insolvent Company to a new Company controlled by the same Directors for negligible consideration. The Director then places the initial Company into Administration or Liquidation with no assets to pay Creditors,...
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  • Concurrent Appointments
    Articles, Insolvency
    We find that many people do not appreciate that it is both legal and not uncommon for more than one appointment to be made to a company or individual at the same time. In fact there have been a number of matters within this Firm where concurrent appointments have...
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  • Are all animals created equally? - Revisited...
    Articles, Insolvency
    Readers will recall from my previous article “Are All Animals Created Equally”, I discussed the benefit enjoyed by the Australian Taxation Office (“ATO”) in relation to notices issued under Section 260-5 of the Taxation Administration Act (“TAA”). In essence, this section allowed for the ATO issue a notice to a...
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  • Bankruptcy Legislation Amendment Bill 2009
    Articles, Insolvency
    The Government is well aware that the “2008 to 2009 financial year produced the highest ever level of personal insolvency activity (36,479) representing an increase of 11 percent on the 2007 to 2008 financial year level of personal insolvency activity with the vast majority of these being non-business bankruptcies...
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  • Legislative Change and the Future
    Articles, General
    It would certainly be fair to say that at the time of writing this that the profession is probably in frustrated agreement that the ‘Great Insolvency Boom of 2009’ has not yet occurred. While many in the community seem to think that the insolvency profession is flat out, the...
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  • A Warning for all Facebook, MySpace and other Social Networking users...
    Articles, Management
    It’s an everyday event now – solicitors trawling through the Facebook profiles of their clients or opposing parties trying to find damaging information that can help them win their cases. Posting information on the internet, while it may seem like fun, is risky business. Those most vulnerable are individuals going...
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  • Are all animals created equal?
    Articles, Insolvency
    We are probably all familiar with the teachings of the book “Animal Farm” in which it raised a question “Are all animals created equal?” The purpose of this article is to question whether all animals are created equal when considering it from a commercial point of view. In this article,...
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  • It's Been a While...
    Articles, General
    Its amazing how the Newsletters are actually missed!! Yes, it has been a while and it has been interesting to note how many people followed up concerned that they may have missed an issue, it is actually quite heartwarming. Whilst we may have been quiet we have not been idol,...
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  • Dissolution of a Company
    Articles, Legal
    Members Voluntary Liquidation versus Deregistration Many times accountants are asked by their clients to dissolve a company very quickly and in a most inexpensive manner. Generally it is the deregistration of a company pursuant to Section 601AA of the Corporations Act would be the answer.  In order to initiate the deregistration...
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  • Thinking about the Taboo
    Articles, General
    The other day a friend of mine was involved in an accident that put him in hospital for about a month.  It’s surprising how much we appreciate life when we are faced with death. It’s not something he wanted, not by a long shot. However, being in that position, lying...
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  • "Rules for being human"
    Articles, General
    It is not very often that you find something on the Internet that makes you genuinely stop and think. Recently this past my desk and I thought of how relevant it is to the current climate. It appears it was written by --Cherie Carter-Scott in "Chicken Soup for the Soul". "You...
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  • Happy New Year! And Welcome to the GFC!
    Articles, General
    That’s the new lingo for the Global Financial Crisis. Welcome to 2009 and the first issue of “On the Beam” for the year. The first month is almost over and alas it seems that Christmas was in the distance past which is very sad as it should be a time...
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  • Global Stress
    Articles, Finance
    On Tuesday, 16 September 2008 insurance giant – America International Group (“AIG”) neared collapse, which prompted further panic and stress on global financial markets. The share price of AIG – a company with one trillion dollars in assets and tentacles in many markets, was reduced by more than 60 percent...
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  • Recent Changes to Corporations Act - Part 2
    Articles, Legal
    In the previous article, I have made reference to the recent changes to the Corporations Act (“the Act”), and provided some detailed notes on the impact of same with respect to Voluntary Administrations. The purpose of this article will discuss the changes to the Corporations Act with respect to...
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  • How times change?
    Articles, General
    This time last year I was making the closing address at the Annual Turnaround Management Conference in which I drew attention to one of the claims made by Richard Kawasaki in his book “Rich Dad’s Prophecy” that the would be a significant financial meltdown during the period 2008 and...
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  • Recent ASIC Statistics
    Articles, Legal
    Readers may or may not be aware that for every Company that goes into Liquidation which pays a dividend of less than 50 cents in a dollar to Ordinary Unsecured Creditors, the Liquidator is required to lodge a Report with ASIC pursuant to Section 533 of the Corporations Act. Such...
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  • Don't get caught in the preference trap!
    Articles, Insolvency
    Preference Payments are payments or transfers that a Trustee or Liquidator may recover by Creditors of a Bankrupt Estate or an entity. Preference payments can be recovered when it can be established that a Creditor received a payment in preference over other Creditors at the time the individual or company...
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  • It's Not a Level Playing Field
    Articles, General
    With the recent upheaval in financial markets and an increasing level of concern as to the potential outcome of these unpredictable movements, it is probably timely to consider all the issues that surround financial distress or discomfort and…they are not necessarily just financial. At Condon Associates we are often approached...
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  • Recent Changes to Corporations Act
    Articles, Legal
    The dust is now settled, and we are well and truly under way in the year 2008. The beginning of the year heralded new changes in the operations of the Corporations Act as regards to insolvent entities. It is one of the biggest reforms the Corporations Act has seen for...
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  • Playing with BIG Money
    Articles, Insolvency
    Celebrities are going bankrupt more frequently these days. It’s a shame to see these men and women work so hard to reach their goals and then not manage their lifestyles. Mike Tyson earned over $300 million at the peak of his boxing career. Sadly, Tyson filed for bankruptcy in 2003...
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  • Managing Debtors
    Articles, Management
    According to one legal professional, an effective yet under used strategy for organisations to reduce the risk of incurring unpaid debtors, is to insist Directors agree to personal guarantees over the debts their Company incurs. Director guarantees allow a Creditor to recover unpaid debt from the Director personally, should the...
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  • Pre-emption, Advice and Determination
    Articles, General
    Welcome to the new masthead for our newsletter “On the Beam”. Change these days is a given however it will not mean a diminution in the quality of its content. With the recent increases in both interest rates and the cost of fuel there has been a noticeable increase of...
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  • The Administrator's use of Casting Vote
    Articles, Insolvency
    For an Administrator to exercise his casting vote he is required to take into account a number of factors including whether it is in the best interests of the Creditors. Even though the Court has a wider discretion to consider commercial morality and the public interest, a Deed of...
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  • So what's in a Turnaround?
    Articles, General
    The big news for this issue is that after a little more than 15 years in the same location we have finally moved to new premises. Our new office is in Marsden Street Parramatta, however there is more on this in a separate article - suffice to say that...
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  • One in All in
    Articles, Legal
    On the first day of the sitting of the Senate - Wednesday 13 February 2008 - the new Minister for Superannuation and Corporate Law, Senator Nick Sherry, re-introduced the Cross-Border Insolvency Bill 2008. The purpose of this Bill is to bring Australia in line with the Model Law on Cross...
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  • Advantages & Disadvantages of Bankruptcy
    Articles, Insolvency
    By Sveta Shao & Esma Refik “Bankruptcy” is probably a word which would scare most of people off. The purpose of this article is to highlight few advantages and disadvantages associated with being Bankrupt, so that people can have a more informed view on how Bankruptcy will affect them. The Bankruptcy...
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  • A bright light for First Home Buyers
    Articles, Finance
    As interest rate rises and mortgage payments are now costing at least 30% of home owner’s total income on mortgage payments, it becomes more and more difficult for first home buyers to purchase their own home. The Federal government has introduced a new savings plan for first home buyers...
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  • Insurance Premium Funding
    Articles, Finance
    As you are aware, when it comes to paying your insurance premiums, many Insurance Companies expect full payment at time of renewal, which may impact on Cash. Whether it's for general business insurance, Professional Indemnity, Worker Compensation or Fleet Motor and Truck Premiums then we can offer Insurance Premium Funding...
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  • Happy Birthday, and what a Pricing Strategy!
    Articles, General
    Interesting combination you say, well yes, but both are, whilst very separate, extremely important. Dealing firstly with the Birthday, it is hard to believe that it’s been twelve months since we separated from our previous Firm on the 1 October 2006. It has been a very busy but rewarding year...
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  • Riding the wave of Easy Credit
    Articles, Finance
    Sydney is on a huge wave of easy credit causing the number of Bankruptcy matters to dramatically swell. The Insolvency and Trustee Service Australia have reported that personal insolvency in Sydney, in particular the western Sydney has increased significantly since 2002-2003. The main reason for this trend is due to...
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  • Don't Become the Next Statistic!
    Articles, Legal
    There is not a weekend paper gone by over the last few months which did not mention “Record Eviction Rates”, “Bankruptcies Increase”, “Mortgagee in Possessions” etc. I mean, some of these stats gave the top footy teams a run for their money. Rather than re-hashing the statistics so many of...
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  • $40 million = small beer for one of Australia's Top 5 Richest Men
    Articles, Finance
    A $40 million fine looks to be imposed on one of Australia’s top five richest men (“the rich man”), for price fixing. The media has been quick to describe this penalty as “the highest fee ever paid by an Australian company” (Schwab, 10 October 2007) while Victorian Premier John Brumby...
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  • Tax Debts Trigger Companies to go Insolvent
    Articles, General Accounting
    Many companies are continuing to hold off their tax liabilities, which often has resulted in companies being forced to appoint an external Administrator. According to the Australian Taxation Office, there is over $10 billion outstanding in collectable liabilities, most of which comprises of the business sector. Numerous businesses carry some degree...
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  • Reverse Mortgage Options for Retirees
    Articles, Finance
    Once you get to a certain age you can qualify to receive a reverse mortgage, what is that you might ask? It’s a system that allows you to borrow cash against the value of your home. It is great because you can receive money and not have to make...
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  • Welcome to our 3rd Issue
    Articles, General
    Time is certainly travelling quickly this year as we watch the economic and political machinations play out before us. One question people are certainly focused on at the moment is the likely result in November. Personally I believe that the market will have a lot of effect on its own...
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  • Part X and Part IX of the Bankruptcy Act. Why has Part IX become so "Popular"?
    Articles, Insolvency
    Part X of the Act (Personal Insolvency Agreements) has been a part of Bankruptcy Law for decades. Part IX of the Act (Debt Agreements) came into effect in December 1996. Debt Agreements are sometimes referred to as a “Poor Mans Part X”, as to be eligible to utilise Part...
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  • Former Big Four Fraudster jailed after gambling spree!
    Articles, Insolvency
    Former PricewaterhouseCoopers (“PwC”) accounting services clerk, Heather MacNeil-Brown was jailed on the 19 June 2007 for stealing $920,239 over a four and a half year period and gambling it at Melbourne’s Crown Casino. MacNeil-Brown committed the offences between 2000 and 2005 while working in the Corporate Advisory and Restructuring Division...
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  • 10 tips when applying for finance
    Articles, Finance
    Taking time with your finance decisions and application at the start can save you time down the track and ensure that you get a successful outcome and the best possible deal. Here are a few things to consider and questions to ask when applying for finance. Why do you need...
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  • Welcome to "On the Beam" No. 2
    Articles, General
    Thanks to all those that provided feedback on our first issue which will enable us to continue to enhance the newsletter. We are for the moment continuing with the eco paper trial and will reassess its effectiveness after the first few issues. Thank you to all those that congratulated...
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  • Can I sack myself?
    Articles, Management
    Small business owners can now sack themselves and pay themselves a redundancy payout after a winning case in the Victorian Administrative Appeals Tribunal. A director her husband and their son were all directors of a family business. The Company is a main contractor for an entertainment company (“The Contractor”) to...
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  • Why Voluntary Administration?
    Articles, Insolvency
    Voluntary Administration (“VA”) is an instrument introduced by parliament in 1993 by which an insolvent company or soon to be insolvent company can enter into a temporary safety zone from the clutches of creditors. The goal of Parliament was to provide for the business, property and affairs of an...
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  • ASIC Accepts Pye Promise
    Articles, Legal
    Author: Fiona Buffini Source: The Australian Financial Review Date: Wednesday 16 May 2007 A former auditor of HIH and former partner of Arthur Anderson has made an enforceable promise to ASIC that he will not “sign any audit reports until after June 2007 and not sign the first five audits he undertakes...
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  • It's All in the Timing!
    Articles, Legal
    Recently the Insolvency and Trustee Service Australia (“ITSA”) called for submissions into proposed new formats concerning the timing of initial notification to both Registered Trustee's and to major creditors associated with a Bankruptcy. As ITSA notes in its correspondence it has currently piloted a program whereby those larger creditors...
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  • A Dry, Hard Country
    Articles, General Accounting
    Famous Australian writers have used words like a dry, hard country for many years but most of us always thought and believed they were referring to Australia’s unique landscape and its inflicting climate. Now, more than ever, the increasing drought of discretionary spending is really beginning to take hold...
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  • Welcome to "On the Beam"...
    Articles, General
    Hi there and welcome to the first issue of our new Newsletter “On the Beam” which as you will see from the Masthead above further develops our Lightship theme. One compliment that has gone back many years of which we are extremely proud was always about the content and...
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  • Staff Member Focus
    Articles, General
    By Christine Thomas Recently, one of our team members was given some unique recognition that was both unexpected and well deserved. Lisa Micallef joined the Firm in 2005 through a work experience program offered through her Business College and is under the guidance of David Iannuzzi. With all the support and confidence...
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  • Look before you leap...into a Small Business
    Articles, Management
    There is an ever increasing awareness of the potential ramifications for the ongoing problem of collapses of corporates and small to medium enterprise. Recent research has revealed that there are a number of contributors to further pressures on the survivability of companies at every level. The contributing factors include the...
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  • How healthy is your Business?
    Articles, General Accounting
    The Insolvency & Trustee Service Australia (ITSA) held its 6th annual congress in July last year. Updated figures were discussed relating to the current trend of bankruptcies. Over 30,000 people became bankrupt in the last financial year. Of these, New South Wales had the highest. Bankruptcies are generally classified as...
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