Executive Summary
Executive Summary
USA, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, Internal Revenue Service (USA), Internal Revenue Code (USA), Supreme Court of the United States
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.