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New laws in flight to combat the rise of the phoenix

The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) is in full flight, which has put in place key changes aimed at enhancing disruption of phoenix activity and powers to prosecute directors and other professional advisors who engage in or facilitate phoenix activity.  
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Proposed reform to protects honest directors attempting to hold their companies together in dire straits

On 28 March 2017, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, released draft legislation proposing changes to Australia’s insolvency laws. The release also included an explanatory memorandum and explanatory statement for public consultation in relation to the reforms which, if passed, are scheduled to become effective on 1 January 2018.

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