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Q. Describe the Cole Inquiry recommendation?
In 2003 the Cole Inquiry made a range of recommendations to reform the building and construction industry. The Inquiry found that there was significant incidence of phoenix activity in the building and construction industry and made a series of recommendations to mitigate this. The below table summarised the recommendations of the Cole Inquiry that related to phoenix activity and the status of their implementation. Government agencies indicated, as the below table shows, that a significant amount of the recommendations of the Cole.
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Order for compulsory liquidation: The Official Receiver also calls separate meetings of creditors and of contributories within one month of the order for liquidation: s.236.
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