The 7 red flags of illegal phoenixing

By Sean Wengel on 25/11/19 - Mins to read: 3 minutes

Illegal phoenix activity involves the process of deliberately liquidating a company to defeat creditors. A company’s assets are stripped and then transferred with minimal consideration, to a new entity for the purpose of carrying on a new business. Illegal phoenix trading carves a trail of destruction through entire industries, costing...
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Unfair preference payments- protect yourself from the void

By William Buck on 25/11/19 - Mins to read: 3 minutes

What are unfair preference claims? A preference is defined as where a creditor receives payment and the payer is insolvent at the time, and the creditor has received more than they would have in an orderly winding up of the payer. A Liquidator of an insolvent company has the...
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End of the Road – Managing the risk of finalising the affairs of a company

By William Buck on 25/11/19 - Mins to read: 3 minutes

A company will reach the end of its useful life for many reasons. Whatever this reason, an important decision must be made at this point to ensure the method of deregistration provides the best outcome for shareholders and mitigates the risk of adverse future action. A company can be deregistered...
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Have you received a Director Penalty Notice?

By William Buck on 25/11/19 - Mins to read: 3 minutes

As a director, it’s important that you ensure your company complies with its taxation obligations, or else risk personal liability for outstanding Pay As You Go and Super Guarantee Charge. Where a company does not meet its obligations to pay Pay As You Go (PAYG) and the 9.5% Super Guarantee...
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Overseas Travel in Bankruptcy

By William Buck on 25/11/19 - Mins to read: 3 minutes

An important condition placed on all bankrupts in Australia is the restriction on unauthorised overseas travel. An undischarged bankrupt must obtain permission from their trustee prior to arranging and undertaking overseas travel. There are no restrictions on travel within Australia whilst bankrupt. Section 272 of the Bankruptcy Act 1966 (“the...
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