Introduction Following recent proposed changes to UK restructuring and insolvency law, a new European Union (“EU”) directive concerning restructuring within EU Member States proposed by the European Commission (“Commission”) has reached an advanced stage.
European Union, United Kingdom, Banking, Insolvency & Restructuring, K&L Gates LLP, Debtor, Debtor in possession, European Commission, Council of the European Union
This article was first published in the Australian Financial Review on Thursday, 22 February.
In the five years to November 2017, AUD1.8 billion of GST revenue was written-off due to phoenixing – where companies are stripped of assets and liquidated, then restarted under a different name leaving creditors out of pocket.