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New legislation aimed at cracking down on “phoenix” company activity to commence on 1 July 2012

ASIC’s new administrative powers to wind up companies strengthens the remedial measures that can be taken against business operators attempting to avoid liabilities by abandoning companies and should help employees access their entitlements.

The Corporations Amendment (Phoenixing and Other Measures) Act 2012 (Cth) (Act) will commence on 1 July 2012. 

Australia, Company & Commercial, Insolvency & Restructuring, Gilbert + Tobin, Liquidation
Bill introduced aiming to crack down on "phoenix" company activity

The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 (Cth) was introduced into Federal parliament on 15 February 2012.

The Bill proposes to amend theCorporations Act 2001 (Cth) and contains 2 key sets of measures:

Australia, Company & Commercial, Insolvency & Restructuring, Gilbert + Tobin, Corporations Act 2001 (Australia)