Definitions of phoenix activity, Business Law and Ethics

Assignment Help:

phoenix activity involves "the evasion of tax and other liabilities, such as employee entitlements, through the deliberate, systematic and sometimes cyclic liquidation of related corporate trading entities". However, a range of other activities that can be considered deceptive are often referred to as phoenix activity.

Additionally, companies can liquidate and later honestly be revived. It is the recommendation of this report that the following definition of phoenix activity be used:

Phoenix activity is the deliberate and systematic liquidation of a corporate trading entity which occurs with the illegal or fraudulent intention to:

- avoid tax and other liabilities, such as employee entitlements

- continue the operation and profit taking of the business through another trading entity.

Liabilities may also include contractual or statutory obligations and civil or criminal proceedings.


Related Discussions:- Definitions of phoenix activity

What do you understand by business ethics, Question : (a) Who is a ‘whi...

Question : (a) Who is a ‘whistle blower'? Explain the main disadvantage a ‘whistle blower' may face. (b) Name two engineering disasters (c) What do yo

Registered office clause, Registered Office Clause:                   ...

Registered Office Clause:                          Section 5(1) (b) provides that the memorandum of association shall state that "the registered office of the company is to be

Recognition of disputes, Recognition of disputes Recognition of dispute...

Recognition of disputes Recognition of disputes relates to a State not recognizing a certain dispute. However, if the whole world acknowledges a certain dispute then it is nece

Statute law, STATUTE LAW: There this is an Act of Parliament.  Whether...

STATUTE LAW: There this is an Act of Parliament.  Whether this is law made through parliament directly in exercise of legislative power conferred upon it through the constitut

Ratio decidendi, Ratio Decidendi Conversely "ratio decidendi" of a cas...

Ratio Decidendi Conversely "ratio decidendi" of a case consists of the material facts of such case and the decision made through the judge on the basis of those facts.  So hen

Deadlock in the management, Deadlock in the management: The company ex...

Deadlock in the management: The company existed only to "work a particular patent" and as it could not do so it should be wound up. But if there are two or more alternative

Group account form - accounts and audit, Group Accounts' form: S.151(...

Group Accounts' form: S.151(1) provides that the group accounts laid before a holding company shall be consolidated accounts comprising- (a)   like with a consolidated bala

Chairman - meetings and resolutions, PROXIES - meetings and resolutions: ...

PROXIES - meetings and resolutions: By S.136(1), any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint one more person (

Unsecured ordinary debts, UNSECURED ORDINARY DEBTS: A secured creditor...

UNSECURED ORDINARY DEBTS: A secured creditor obtains payment (to the extent that his security is adequate i.e. if it exceeds in value the amount owing to him) because he has a

Describe the term banking, Question1 Describe the term banking and what ar...

Question1 Describe the term banking and what are the permitted businesses for a banking company as per BR Act 1949 Question2 When is a negotiable instrument considered as

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