New reforms, enhanced data analysis and co-operation between agencies are set to clamp down on directors trying to re-birth phoenix companies and clip the wings of unscrupulous pre-insolvency advisers.
The Australian economy loses about A$3.2 billion a year through illegal phoenixing activity, and much of this is facilitated by unscrupulous pre-insolvency advisers.
In many cases, these advisers hold no professional qualifications and their only expertise is that they have operated their own failed companies, joining the 9000 or so which go to the wall each year in Australia.
These advisers assist businesses faced with significant unpaid taxes, employee liabilities and debts t…
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