ATO Focus Remains on Pre-Insolvency Industry
In a recent press release, the ATO has confirmed its officers have been continuing their work to stamp out illegal phoenix activity with a number of access visits occurring without notice during April 2017.
The Phoenix Task Force, which consists of more than 20 agencies within the Federal, State and Territory governments targets illegal phoenix activity by the collaborative sharing of information and resources to identify activity and undertake enforcement action.
The action follows previous access visits undertaken in August 2016, which involved some 120 officers (both from the ATO and ASIC) accessing 13 businesses and residential locations.
The Phoenix Task Force’s actions to date in carrying out these activities with a view to stamping out illegal phoenix activity, with a particular focus on those operating with the ‘pre-insolvency’ arena, is a clear indication of the commitment of organisations like the ATO to eradicating the practice which has so many negative impacts for creditors of insolvent companies and the economy generally.
Form more information, contact ERA Legal.
- Special leave to distribute surplus in a winding up
- When will the Court appoint a Provisional Liquidator?
- Creditor's right to a "risk premium" for funding bankruptcy trustees
- Statutory Demands: searching for assign?
- You can't keep a good man down!
- What constitutes a “supporting affidavit” under S 459G of the Corporations Act 2001 (Cth)?
- Foreign Affairs: When Bankrupts have assets overseas
- Secured Creditors and Bankruptcy: Can you enforce without leave of the Court?
- Top of the Class
- SOPA Update: Electronic Service Changes