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

Societies - unincorporated associations, Societies - Unincorporated Associa...

Societies - Unincorporated Associations However these types of associations are registered under the Societies Act 1968.  Section 2(1) of the Act justify a society very broa

Power to dispense with the word limited, Power to dispense with the word "L...

Power to dispense with the word "Limited":                             Although s.5 provides that the last word of the name of a limited company must be "limited" this would n

Trade unions - unincorporated associations, Trade Unions:             ...

Trade Unions:                   Trade Unions are registered under s.11 of the Trade Unions Act 1952 with the primary object of regulating the  relations between employees and

Determine the levels of policy perspective, Determine the levels of Policy ...

Determine the levels of Policy perspective Policy perspective, analysis can be made on three levels, state-system level, the nation-state level and the decision making level. T

Approaches to defining phoenix activity, Q. Approaches to defining phoenix ...

Q. Approaches to defining phoenix activity? There are a number of approaches to defining phoenix activity that could be used. These approaches are summarised below. It should b

Explain about the european court of justice rulings, Explain about the Euro...

Explain about the European court of justice rulings. European Court of Justice Rulings: This observes that EU law is being interpreted correctly and resolves any matters

Teleological ethical theories, Star Club is a casino established in mid-eig...

Star Club is a casino established in mid-eighties in Sri Lanka. Since it is in the business for more than 25 years it is famous among local and foreign gamblers. John has been work

Code of ethics for nurses, Case Study You have been asked to serve as a nur...

Case Study You have been asked to serve as a nursing representative on a government committee to look at funding for health care of undocumented individuals who work in the United

Fiduciary duties - company management, Fiduciary Duties: The fiduciary...

Fiduciary Duties: The fiduciary duties of directors arising from their fiduciary relation to the company have been the subject of consideration in an enormous body of case law

Case study, I don''t know how to make a maxim. And my case is

I don''t know how to make a maxim. And my case is

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