A former director of Cap Coast Telecoms, Richard Ludwig has recently been jailed for five years with a non-parole period of 20 months. Mr Ludwig had previously pleaded guilty to dealing with proceeds of crime and breaching his duties as a director. ...
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020. This law includes provisions to stop directors backdating their resignation as director or at all if it would leave the company without a director....
Many businesses have been significantly impacted by the Covid-19 pandemic. This may have resulted in them accruing unpayable debts, such as tax debts. A lot of these businesses will return to profitability, however, it may not be enough to pay off the unpaid debts they have incurred. ...
A client was recently referred to Pearce & Heers by his accountant. He was the director of a company, which was facing liquidation by the ATO in nine days’ time. ...
With the latest government crackdown on illegal phoenix activity, if you or your clients are facing insolvency, find out how this could affect your decisions…...
Transferring assets from an insolvent company to a new one can be legal. Here's how to avoid the risk of illegal phoenix activity....
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