Parramatta. Increase in insolvency work

Schon Condon, managing principal, of Condon Associates, in Parramatta, told The Australian Financial Review that the increase in insolvency work began in November and gained greater momentum after Christmas. Work is coming from the development, building, construction, retail, retail services and hospitality sectors. “The increase in activity has not only been with the pure insolvency side but with the forensic aspects as well,” he told the newspaper. If demand escalated, Mr Condon intended to recruit one or two graduates and use contractors to fill specific trade roles.

Parramatta. Rates rise on SME sector

Schon Condon, a principal of forensic, turnaround and insolvency practitioners, Condon Associates, in Parramatta, predicted any second or third interest rate increase would have the greatest impact on the SME sector. “The areas that will be hit first are going to be retail and hospitality and restaurants because people (consumers) will have to put increasing amounts aside to deal with housing loans and the like. That will initially come from discretionary spend. Anything in the high-end discretionary spend will be first affected,” he said in The Australian Financial Review.

Parramatta. Insolvencies to rise

Insolvency practitioners have predicted that small to medium size businesses will dominate the second wave of business failures despite signs of an economic recovery, according to The Australian Financial Review. Insolvency practitioner and chartered accountant, Schon Condon, of Condon Associates, in Parramatta, said a number of insolvency firms anticipated a significant increase in engagements last year, which did not eventuate. However, he expected that situation would change as higher interest rates bit in the next year or two.