Rogue advisers who seek out struggling companies and help ‘phoenix’ them out of tax and other financial obligations are being targeted in a multi-agency crackdown on the $3 billion lost every year from company rebirthing.
The Australian Taxation Office and ASIC are leading the effort to put rogue ‘pre-insolvency advisers’ out of business by disrupting their attempts to recruit clients to phoenix.
The regulators’ new tactics, called an ‘in-flight phoenix’, rely on analysis of intelligence generated by a multi-agency tax, wages and work conditions’ investigative taskforce and industry whistleblowers.
Twilight companies at risk of being approached are being contacted and warned the so-called “pre-insolvency advisers” mig…
Read the full article at: http://www.afr.com/business/asic-ato–use-disruption-tactics-to-stop-phoenix-rising-from-corporate-ashes-20170721-gxg6b7
