Legislation to combat illegal phoenix activity released for consultation
(WorldNews Asia)

The Turnbull Government is taking action to protect workers and honest businesses by legislating a package of reforms to tackle illegal phoenix behaviour and level the playing field. The Minister for Revenue and Financial Services, the Hon Kelly O`Dwyer MP, today released draft legislation for a comprehensive package of reforms to combat illegal phoenixing. These measures will both deter and disrupt the core behaviours of illegal phoenixing and more harshly punish those who engage in and facilitate this illegal activity, including pre-insolvency advisers. Phoenixing occurs when the controllers of a company strip the company`s assets and transfer them to another company, to avoid paying the...