PHOENIXING: HOW UNSCRUPULOUS DEALERS RISE DEBT-FREE FROM THE ASHES OF FAILED COMPANIES

On 24 September, the Guardian in Australia reported that the Australian Tax Office claims it has been ripped off by as much as hundreds of millions of dollars under mass tax evasion schemes allegedly run by professional advisers.  The article claims that 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 ATO.

https://www.theguardian.com/australia-news/2020/sep/25/phoenixing-how-unscrupulous-dealers-rise-debt-free-from-the-ashes-of-failed-companies

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s