Question: Phoenix Activity: ' ...illegal phoenix activity is where a new company is created to continue the business of an existing company that has been deliberately

Phoenix Activity:

'...illegal phoenix activity is where a new company is created to continue the business of an existing company that has been deliberately liquidated to avoid paying outstanding debts including taxes, creditors and employee entitlements.' (ASIC information sheet 212, July 2019)

Section 206F of the Corporations Act gives ASIC the power to disqualify a person from managing corporations.

ASIC has disqualied Hayley Joan Street of Richmond Victoria from managing corporations until 14 December 2024 following her involvement in two failed companies.

the question is-

Do you consider corporations an appropriate entity for business operations in Australia? Why or why not.

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