Action against fraudulent phoenix activity, Business Law and Ethics

Assignment Help:

In the paper Action against Fraudulent Phoenix Activity: Proposals Paper, Treasury made a range of recommendations to amend director's liability provisions and taxation law.

Recommendations made by the proposal paper included:

-  removing the ability of directors engaged in fraudulent phoenix activity to avoid personal liability for PAYG(W) liabilities by placing the company into administration or liquidating the company

-  ensuring the promoter penalty regime is able to target those individuals promoting fraudulent phoenix activity

-  providing the Commission of Taxation with the discretion to require a company to provide an appropriate bond (supported by sufficient penalties) where it is reasonable to expect that the company would be unable to meet its tax obligations and/or engage in fraudulent phoenix activity

-  making directors personally liable for the debts of a liquidated company in circumstances where a 'new' company adopts the same or similar names as its previous incarnation

-  adopting the doctrine of inadequate capitalisation and allow the corporate veil to be lifted where a company sets up a subsidiary with insufficient capital to meet the debts that it could be reasonably expected to incur.


Related Discussions:- Action against fraudulent phoenix activity

Explain the criminal jurisdiction, Explain The criminal jurisdiction Th...

Explain The criminal jurisdiction The criminal jurisdiction is exercised on the basis of the following: 1. Nationality 2. Territory 3. Universal jurisdiction and 4. Specifi

Tort law and employment law, Tort law and Employment law: Pat, a build...

Tort law and Employment law: Pat, a builder, is an employee of Tom's. One day on site the scaffolding that Pat is standing on collapses and he suffers personal injuries. The s

Analyse the extent of the criminal liability, One night Mr Kokintou and Ms ...

One night Mr Kokintou and Ms Mangetou, entered into a housethrough a window which was negligently left open by the owner of the house.  Whilst Ms Mangetou was keeping guard at the

Governing the questioning of witnesses in a court of law?, QUESTION 1 (...

QUESTION 1 (a) Compare and contrast the different rules and features governing the burden and standard of proof in both civil and criminal cases (b) The art of advocacy is n

Discuss the law relating to the rights and duties, QUESTION 1 Your moth...

QUESTION 1 Your mother makes delicious cakes and your wife suggests the idea of setting up a business to market these products. The cakes will be prepared by your mother and a

State article 8 of universal declaration of human rights, State Article 8 o...

State Article 8 of Universal Declaration of Human Rights. Article 8 - 'Everyone has a  right to  an  effective  remedy by  the  competent national tribunal for acts violating t

Derivative action - statutory provisions, Derivative action: In Nurcom...

Derivative action: In Nurcombe v Nurcombe Lawton L J stated that a derivative action is a procedural device for enabling the court to do justice to a company controlled by mis

Dormant Commerce Clause, In 2001, Puerto Rico enacted a law that requires s...

In 2001, Puerto Rico enacted a law that requires specific labels on cement sold in Puerto Rico and imposes fines for any violations of these requirements. The law prohibits the sal

safeguards interfere with law enforcement, The U.S. Constitution provides ...

The U.S. Constitution provides certain procedural safeguards to an accused, including protections from unreasonable searches and seizures, the right to an attorney and the right to

Remedies of the ultra vires lender, Remedies of the Ultra Vires Lender: ...

Remedies of the Ultra Vires Lender:                          In Sinclair v Brougham (26) the House of Lords explained that no action or suit lies at law or in equity to recove

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd