A taskforce of federal government agencies is used shared intelligence to uncover potential phoenix operators and rogue pre-insolvency advisers, but the business community will still have to wait to see whether phoenix prevention tools like director identification number (DINs) ever make their way into legislation.
On Monday ASIC commissioner John Price told Fairfax that phoenix advice passed onto businesses by pre-insolvency experts is an increasing area of focus for the Australian Securities and Investments Commission, while ASIC senior leader for insolvency practitioners Adrian Brown said a new in flight phoenix regulatory strategy had been used in seven phoenix-related cases so far this year.
The comments come as th…
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