Third tranche of insolvency law reform set to deal with phoenix companies

Who should read this eBrief:

  • Company directors
  • Accountants
  • Financial Advisors

Proposed changes to Commonwealth legislation could have a significant impact on the potential for transferring assets out of one company into a new company to avoid paying liabilities.

If enacted, the changes will give liquidators, ASIC, and the ATO new powers to prosecute culpable directors and associated persons.

Filed under:
Australia, Capital Markets, Company & Commercial, Insolvency & Restructuring, Tax, Meyer Vandenberg Lawyers, Australian Taxation Office, Australian Securities and Investments Commission
Authors:
Alisa Taylor , Harry Kay , Courtney Noble
Location:
Australia
Firm:
Meyer Vandenberg Lawyers
Insolvency Law Reform - Company Directors

Who should read this eBrief:

Filed under:
Australia, Company & Commercial, Insolvency & Restructuring, Meyer Vandenberg Lawyers, Corporations Act 2001 (Australia)
Authors:
Alisa Taylor , Harry Kay , Courtney Noble
Location:
Australia
Firm:
Meyer Vandenberg Lawyers