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Labor paves way to name and shame phoenix directors

Nov 07, 2018 - Australian Financial Review

The Commissioner of Taxation would have new powers to name and shame directors found to be engaging in illegal phoenixing behaviour, under a new plan set to be announced by Labor.

Estimated to cost the Australian economy more than $5.1 billion a year, phoenixing involves the transfer of assets from failing companies to new firms to allow directors to avoid paying their creditors, tax obligations and employee entitlements.

Labor will announce on Wednesday plans to allow directors to b...