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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.
Rights of Guarantor Against the Debtor Therefore the guarantor's rights alongside the debtor are: like; (a) Before the payment has been made, whereas to compel the debtor t
Distribution of Surplus Assets: If the debts are paid in full the liquidator should apply what remains in repayment of capital paid on shares and then distribute any residue t
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