In news ERA Legal welcomes strongly, The Australian newspaper today reported that the ATO and ASIC have raided 13 properties in connection with a crackdown on Pre Insolvency Traders (the PITs).
As a start of what ERA Legal hopes is a concerted attack by regulators on unregulated, unlicensed and often unscrupulous “advisers” who prey on directors and others in times of financial crisis and pressure, the Australian reported that “About 120…” officers from the ATO and ASIC were involved in the raids.
The PITs often do great damage to the individuals involved in their schemes. Usually creditors are left penniless and directors are exposed to claims for breaches of duty.
In a timely coincidence, ERA Legal has published an article outlining the quite startling consequences that flowed to a number of victims as a consequence of implementation a wholly unscrupulous self-interested plan designed by one of the PITs which ended up being exposed in a scathing judgment of the Federal Court of Australia.
ERA Legal welcomes the actions of the ATO and ASIC and hopes that today’s news is the start of a much overdue crackdown on an unsavoury and unwelcome aspect of the insolvency industry.
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