New and proposed legislative reforms to combat illegal Phoenix activity and improvements to the ATO’s armoury to crack down on untrustworthy advisers and business operators in financial distress.
|Venue:||Law Society Northern Territory, Level 3, 9 Cavenagh Street, Darwin|
|Cost:||$99.00 incl GST|
|Level:||Suitable for intermediate level of legal practice|
In its 2018-19 Budget, the Federal government announced a package of reforms to the corporations and tax laws to combat illegal phoenix activity (when a new company is created to continue the business of a company deliberately liquidated to avoid paying its debts, including taxes, creditors and employee entitlements).
The proposed reforms include a range of measures to deter and disrupt illegal phoenixing and more harshly punish those who engage in, and facilitate, this activity.
Government has established a multi-agency Phoenix Taskforce, led by the ATO, to tackle phoenix activity. This Taskforce targets and prosecutes untrustworthy advisers assisting business operators to avoid paying their debts. Coupled with proposals that directors be personally liable for unpaid company GST in certain circumstances, and that the ATO disclose tax debts to credit reporting agencies, there will be greater pressure on business operators under financial distress to act early in seeking professional advice.
Presenters: Stuart Reid, Registered Liquidator & Registered Trustee in Bankruptcy and
Sam Sellahewa FCPA, Director, Rodgers Reidy - Insolvency, Forensic, Reconstruction
Stuart Reid is the sole resident practising Registered Liquidator and Trustee in Bankruptcy in the NT. In addition to traditional insolvency administrations, Stuart has considerable experience assisting Territory and Commonwealth governments through managing the turnarounds of failing Associations and Indigenous Corporations that provide essential services to communities.
Sam Sellahewa is a Fellow of CPA Australia with over a decade of corporate insolvency and turnaround experience in the NT and SA. Now based permanently in Darwin, along with Stuart Reid, Sam is a founding Director of the Rodgers Reidy Darwin office ensuring a comprehensive service to governments, private and community clients.
Earn 1 CPD Point in Professional Skills in Legal Practice (CC) or Substantive law (SL)