PPB Advisory Insights – Statutory February 2012
The Corporations Amendment (Similar Names) Bill 2012 (‘the Bill’) attempts to clip the wings of those engaged in phoenix activity by imposing personal liability on directors. The Bill will not be an effective deterrent and will allow phoenix companies an uninterrupted flight from their creditors. In this Insight, PPB Advisory provides further details on the likely impact of the Bill.
28/02/2012
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PPB Advisory research - The future of liquidation and bankruptcy June 2011
On 26 May 2011, PPB Advisory launched a research paper advising of a breakthrough in the screening of companies prior to a creditor’s petition. By applying PPB Advisory’s recommended screening processes, together with the existing Risk Scorecard for bankruptcy, creditors can significantly improve their prospects of recovery.
10/06/2011
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PPB Advisory - Statutory Update June 2011
The Corporations Act 2001 and Bankruptcy Act 1966 provide liquidators and trustees respectively with powers to make enquiries and/or conduct investigations into company/individual business affairs. PPB Advisory provides an update on the relevant sections and uses case studies to demonstrate how these powers can be used as effective tools by liquidators and trustees.
06/06/2011
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Statutory Recovery Newsletter September 2010
When a formal insolvency is imminent, an insolvent company or individual may remove assets from their ownership or enter into non-beneficial or uncommercial transactions in an attempt to preserve assets and limit payments to creditors.
14/09/2010
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Professionals Connect Insights August 2010
New legislation dramatically increases the Australian Tax Office (ATO)’s powers and limits its exposure to debt by requiring certain tax payers to lodge security deposits. While the changes are driven by a desire to counteract Phoenix activity, there is no requirement to prove a history of improper behaviour, so the affects of the legislation are likely to be wide reaching, with implications for all tax payers.
12/08/2010
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