Australia is in the grip of a new wave of tax evasion and money laundering allegedly orchestrated by unscrupulous firms of professional advisers, including accountants.
The schemes involve phoenixing the art of liquidating a company and allowing the directors to rise from the ashes in a new entity, free of debts and prior to the Covid-19 crisis, a number of them were being intensively targeted by the Australian tax office.
Although the government put a moratorium on companies being wound up by creditors during the pandemic, after 31 December there is likely to be a flood of insolvencies.
Some will be companies that are genuinely in distress. But under the cover of Covid-19, there is also likely to be a new wave of strategic insolvenci…
Read the full article at: https://www.theguardian.com/australia-news/2020/sep/25/phoenixing-how-unscrupulous-dealers-rise-debt-free-from-the-ashes-of-failed-companies
