New legislation increases accountability of directors in bid to combat illegal ‘phoenixing’

David Morris and Bree Taylor discuss how the new legislation will impact director resignations.

Companies and their directors must be familiar with new legislative requirements, following the passage of the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 through Parliament on Wednesday. The Bill is now awaiting Royal Assent.The Bill was introduced in a bid to more efficiently combat the practice of ‘phoenixing’, which has caused government creditors, including bodies such as the Australian Taxation Office (ATO), to suffer significant losses on a number of liquidations w...

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Authors: David Morris, Bree Taylor

Published Date: 07 February 2020