IT’S THE FINAL COUNTDOWN!
T-minus 5 seconds:
Rumour #1 (24/11)
BDO firm spy – 2 to 3 melb partners to walk the plank (dare we say pushed) after partner meeting today. Staff to go next along with extended office closure at xmas & staff having to take leave without pay. No Santa at BDO.
T-minus 4 seconds:
Rumour # 2 (20/10)
FS
Another BDO Update (does a cat really have nine lives……). The Partner/Director from BDO NSW-Vic who has been declared bankrupt (the posts confirm who he is and also his other half is in the same position) has had his shares in BDO NSW-Vic valued as nil. The Banks must be worried as they are asking the Partners/Directors to give assets as security…..
This means the re-sale value of BDO NSW-Vic is currently nil.
Has BDO NSW-Vic finished its ninth life?
T-minus 3 seconds:
Rumour # 3 (28/10)
Hi,
Thought I would share a story RE: BDO.
One of the new grads has started seeing one of the office services staff and has been harassed both verbally and through personal and group emails, being ganged up on and excluded.. Really mature, hey? Senior managers are included in the emails without acting, with one example to date of a manager SENDING one of the emails. Being law based, you will understand the legal implications of not only the workplace bullying but the failure to act by management.
What makes the situation worse is that the managers are all aware that the graduate is going through a difficult personal time already and this is acknowledged in another email, except no-one has jumped in to convene. The grad is left feeling depressed and wanting to quit after being a high-acheiver with the firm receiving a STAR award just last month…
The culture is toxic. But if you want hard-proof half of BDO melbournes Audit division email addresses password is still ‘AUDIT2011′ from a software upgrade during the week. Real secure, huh? Feel free to start with [redacted] at https://webmail.melbourne.bdo.com.au/ where you can see two staff members discussing wanting to quit – [redacted] and [redacted]. [ED: it took all of the restraint we could muster not to delve into these email chains]
T-minus 2 seconds:
Rumour # 4 (28/11)
Hi FirmSpy
Update on my last corro re BDO NSW-Vic. The itsa register (www.itsa.gov.au) with the BDO Partner/Director on the list [name] has the creditors valuing the BDO Partner/Director’s share value in BDO as NIL. For this reason, BDO has ‘re-hired’the Partner/Director as they cannot have the sahre value as NIL as this impacts their own financing…..
Will BDO survive past Christmas……or will it be replaced by the more dominant PKF (the merger is full steam ahead and will have double the debt) or will the name be given to another firm….
T-minus 1 second …
We’re sure we’ll all miss her soo…
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should be a thriller.
It is important to remember that BDO us a loose national federation of practices. Even thought there are commercial and financial issues troubling the Sydney/Melbourne practice, the Brisbane practice remains a strong 3-4 in the Queensland market.
Business as usual in the Brisbane office.
@State of Origin – that’s cool. Maybe the Brisbane BRI boys can get some work wrapping up the Melbourne and Sydney offices.
Not good news for the ex partner suing BDO. They might not have any money left in the kitty to pay her out if she wins her cases against them!!!
How funny would that be.
@New fees
BRI or BDO?
BDO Brisbane’s Business Recovery and Insolvency (BRI) group. Fielding you legend!!!
GOB would be proud of you FS.
@spellbinder. BDO Brisbane partners Andrew Fielding and David White run the Business Insolvency and Reconstruction team in BDO Brisbane… wrapping up BDO Melbourne/Sydney should be nothing but a speed bump for them.
that the partner that has been declared bankrupt even has another half…or ever had for more than several days.
Is bdo merging with PKF?
Unbelievable one Melbourne IT staff has been made redundant in the last week, start cutting cost from share services ……
so f’ing what?
Incredible. Would that Melbourne IT staff have shared services?
So f***ing what??? Should we turn away from a bar fight just because there are aggro BDO people shielding our eyes?
I agree – one member of IT got made redundant… big deal. The low hanging fruit should be picked first.
My ex firm (which had staff levels that ranged between 110 and 150 in the Sydney office whilst I was there) had 5 ‘IT’ people… best as anyone could figure out there was enough work for about 1.5 people…. better that BDO cut out the overhead than attack profeessional staff numbers…
Directors at BDO frequently let their fruits hang low which is kind of scary really. These over-utilized low hanging assets wreak more destruction that they do returns.
On another more positive point, the abuse of “overheads”, neglect of investment in IT by a number of professional staff, and transfer of funds to the community chest at BDO, meant that several dancers at Melbourne strip clubs were able to pay off their student loans sooner rather than later. God bless BDO.
News on the street is that attempts by Murray to gain mediation have failed. Not a very merry Christmas, except for the lawyers.
Chalk up another half a million to Norton Rose and Russells
When was Greg dead ended and rear ended?
I can’t believe what I read here.
People work their arses off to get through the useless accounting degree. If they are lucky enough they get a job with someone like BDO – who many would consider to be a good firm, on paper anyway.
To now see the childish behaviour that is going on in BDO is just shameful. I hope this turns people off accounting in general. The culture of the accounting industry accross the board is downright disgusting.
Disgraceful and I feel sorry for everyone involved. I am ashamed to be part of the industry after seeing this.
I am in no way affiliated with either side, just appauled at what is going on. Take a good hard look at yourselves the lot of you and hang your heads in shame.
You can kiss my hairy butt cheeks Barney.
You’re probably one of those pricks that abuse young accountants (not that they notice, you’re so fun) while you pedantically insist on putting everyone else’s nose into line.
BDO is a half way house for the refugees from the big 4 and a stepping stone for those from oblivion.
Oh my! Nice change management tactic! What paper are you looking at that makes BDO look so impressive? The AFR?
There has been no mention of BDO since you stopped paying the bills for lease of space…which was a nice revenue raising exercise for the AFR given they were aware of the internal turmoils of the firm and the desperate need for cover up.
Not one of those pricks at all.
I’m just a bloke trying to climb that wanky corporate ladder that seems to lead all the way to misery.
I’m just disgusted at how the industry treats people, and yes it mostly comes from management.
It’s a disgrace how the accounting machine works in practice.
Wank wank wank.
Great management tactic indeed, I sure hope the BDO network doesn’t go down again for 3 days, anyone remember that debacle and Mr Donato blaming DA for it hahaahah
Homer
Posted December 15, 2011 at 6:15 AM
Eerrr, please add a * to pr*cks in the email:
You can kiss my hairy butt cheeks Barney.
You’re probably one of those pricks that abuse young accountants (not that they notice, you’re so fun) while you pedantically insist on putting everyone else’s nose into line.
BDO is a half way house for the refugees from the big 4 and a stepping stone for those from oblivion.
Tony Schiffman,
What kind of CEO gets himself bogged down in a legal battle based on the advice of two timing M&A xxxxxxxs in Melbourne who have too much time on their hands? Yeah you living legend you, at least you paid your go-go team for their advice. Too bad you got wrapped up in their politics. Merry Christmas.
I don’t know how Schiffmxxx (“Schifty”) managed to hold his post for so long. Then again this is BDO, we don’t care about achievements. Only BDO would trust a “Chairman” that have his head way deep in his own a**. I hope the legal battle will expose your real face to the world.
As for BDO merging to become a national office, either Brisbane is onboard or overboard. Frankly we will throw a party if you are overboard!
While we have here a form of legalized political persecution of Mr Schiffman we could stop denying the widespread effect that his legal battle has had on him, people at the firm and those outside the firm.
Being BDO, we wouldn’t want him to take any responsibility for this of course. We’d just want him to go overboard with parties and to keep on holding on to his post!!!!
After a troubling 6 months establishing a presence with Griffith Hack Brisbane Tracey and David are setting up shop with GH Sydney due to potential Brisbane injunctions threatened by BDO Brisbane solicitors. It seems she just can’t get away from it all, even after all this time.