A taskforce has reportedly been established to investigate more than 1,000 networks for using the illegal practice called 'phoenixing' as their business model.
Operators will typically rack up debts before siphoning off the assets for a fraction of what they are worth. A new company will then be created to continue the business, without paying debts and employee entitlements from the previous company. Once a new bill is passed, those found guilty could face up to 10 years in prison.
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Really? Wow. Start with the penny stocks on the ASX .... I can give you a list to start with. I did give a list to ASIC years ago ...... they didn’t give a rats ass apparently. Too hard basket.
Not before time