With the increase in fraudulent phoenix activity being detected in Australia, where companies are deliberately placing their companies into liquidation in order to avoid paying their creditors, taxes and employees’ entitlements, the Australia Tax Office (ATO) is working closely with other Australian Government agencies to reduce the prevalence of this particular tax crime.
Together, the ATO and government agencies have established the Inter-Agency Phoenix Forum. In this forum, collective intelligence is combined to identify and execute strategies that will decrease phoenix activity across Australia.
Consequences for engaging in fraudulent phoenix activity are serious, including lengthy prison terms and confiscation of personal assets.
To avoid being caught up in phoenix activity and suffering the penalties, ensure your business and business assets are sold by a licensed liquidator with the support of a registered valuation. The liquidators at Insolvency Services Australia are registered with the Australian Securities and Investments Commission and will handle liquidation appointments expertly and lawfully. Call our friendly team today on 1800 003 833.