Releasing the final report of a three-part research project aimed at determining the best methods of addressing phoenix activity, researchers at the Melbourne Law School and the Monash Business Law School have called for action across 25 areas to detect, disrupt and punish harmful and illegal activity.
Under one recommendation, anyone who has been an officer of five corporations which have either been considered under the Corporations Act to have failed or been deregistered by ASIC within a ten-year period would automatically be subject to restriction for a further five years.
Whilst under restriction, they would be limited to being a director of no more than five companies at any given time and both they and the …
Read the full article at: https://sourceable.net/rein-serial-phoenix-company-directors-report/