New Anti-Phoenixing Laws

The Federal Government has recently passed new legislation further strengthening its ability to combat illegal phoenix activity and those who engage in it. Illegal phoenix activity has been described by the Australian Securities & Investments Commission as being where a new company is created to continue the business of an existing company that has been…

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What is phoenix activity?

Phoenix Activity Phoenix activity is not defined in Australian legislation.[1]  Perhaps this is not surprising given that the term is notoriously difficult, if not nearly impossible to precisely define. [2]  In fact, a study conducted by the International Association of Insolvency Regulators (IAIR) revealed that no jurisdiction within the association was able to categorically define…

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