http://www.abc.net.au/news/2015-11-26/questions-over-slater-and-g...

http://www.abc.net.au/news/2015-11-...d-gordons-future-as-share-price-dives/6978296

On the face of it, Slater and Gordon's debt is well covered by its current assets, until you drill down and look at the nature of those assets.
Less than $100 million of its reported $1.3 billion in current assets is cash or equivalents.
A total of $620 million is receivables and much of it — $553 million — is work in progress, or "WIP".
There have long been doubts about Slater and Gordon's estimates of how much work in progress will convert into hard earnings and cold cash.