#Phoenix Activity
NSW company director convicted after engaging in phoenix activity
Ms Soutsakhorn Chanthabouly (known as Nicole Khammenathy) of Carnes Hill, NSW has been convicted and sentenced after pleading guilty to charges related to illegal phoenix activity. Ms Chanthabouly was charged with one count of breaching her director duties and another count of destroying company records, following an investigation by ASIC. She was sentenced to a […]
Turnbull Government cracks down on phoenix directors
Company directors will be issued with unique identification numbers as part of Federal Government reforms designed deter and penalise directors who engage in illegal phoenixing activity. The reforms were announced this week by Minister for Revenue and Financial Services, Kelly O’Dwyer, who said illegal phoenixing – the stripping and transfer of assets from one company […]
Surprise visits crack down on phoenix businesses
The ATO has sprung surprise visits on business and residential sites across Sydney in an effort to tackle widespread phoenix activity.
ASIC ramps up surveillance targeting false declarations
The Australian Securities and Investments Commission has announced it is ramping up its surveillance program aimed at weeding out illegal phoenix operators.