In this section, Australian Company Liquidations provides the latest news and tips in business insolvency and liquidations.

What you need to know about Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020

On 5th of February 2020 both houses of parliament passed the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019. This legislation was to target and address illegal phoenixing activities. Please click here if you would like to learn about what is a phoenix company. Below is a summary of the changes introduced with the new legislation:   Phoenixing offences: In targeting those who conduct or facilitate illegal phoenixing, enforcement options were strengthened through the introduction of new phoenix offences and

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ACL – Avoid a Company Liquidation with a Voluntary Administration?

Did you know you might be able to avoid a Company Liquidation with a Voluntary Administration? So you might ask what is a Voluntary Administration? A Voluntary Administration is commenced by the company director appointing a Voluntary Administrator (rather than a liquidator). The Voluntary Administrator will initially assess the financial affairs of the company and will assess whether it can continue to trade. The Voluntary Administration usually runs for a 30 day period and at the end of the period,

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What is a Director Penalty Notice?

Have you recently received a Director Penalty Notice (DPN) from the Australian Taxation Office (ATO), but don’t have the means to repay the tax debts being demanded? Worried you might lose your family home or other valuable personal assets? Don’t panic you may still have options to avoid strict personal liability, if you have lodged your Business Activity Statements and Superannuation Guarantee Statements (within 3 months of their due dates).  If you have lodged these statements but not paid the

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