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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Nature_of_phoenix_activity" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Nature_of_phoenix_activity"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Nature of phoenix activity</span> </div> </a> <button aria-controls="toc-Nature_of_phoenix_activity-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Nature of phoenix activity subsection</span> </button> <ul id="toc-Nature_of_phoenix_activity-sublist" class="vector-toc-list"> <li id="toc-Types_of_phoenix_company_operators" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Types_of_phoenix_company_operators"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Types of phoenix company operators</span> </div> </a> <ul id="toc-Types_of_phoenix_company_operators-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Phoenix_scenarios" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Phoenix_scenarios"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Phoenix scenarios</span> </div> </a> <ul id="toc-Phoenix_scenarios-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Indicators_of_abuse" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Indicators_of_abuse"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Indicators of abuse</span> </div> </a> <ul id="toc-Indicators_of_abuse-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>United Kingdom</span> </div> </a> <button aria-controls="toc-United_Kingdom-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle United Kingdom subsection</span> </button> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Australia" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Australia</span> </div> </a> <ul id="toc-Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul 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.hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For companies named Phoenix, see <a href="/wiki/Phoenix_(disambiguation)#Businesses" class="mw-redirect mw-disambig" title="Phoenix (disambiguation)">Phoenix § Businesses</a>.</div> <p> A <b>phoenix company</b> is a successful <a href="/wiki/Legal_person" title="Legal person">commercial entity</a> which has emerged from the collapse of another through <a href="/wiki/Insolvency" title="Insolvency">insolvency</a>. Unlike "<a href="/wiki/Bottom_of_the_harbour_tax_avoidance" title="Bottom of the harbour tax avoidance">bottom of the harbour</a>" and similar schemes that strictly focus on <a href="/wiki/Asset_stripping" title="Asset stripping">asset stripping</a>, the new company is set up as a <a href="/wiki/Legal_successor_(business)" class="mw-redirect" title="Legal successor (business)">legal successor</a>, to trade in the same or similar trading activities as the former, and is able to present the appearance of "business as usual" to its customers. It has been described as "one that arises amidst or from the disarray and demise of its predecessor."<sup id="cite_ref-FOOTNOTEMargretPeck2015109_1-0" class="reference"><a href="#cite_note-FOOTNOTEMargretPeck2015109-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> A phoenix company may be classified either "innocent"/"bona fide" or abusive. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Nature_of_phoenix_activity">Nature of phoenix activity</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=1" title="Edit section: Nature of phoenix activity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Types_of_phoenix_company_operators">Types of phoenix company operators</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=2" title="Edit section: Types of phoenix company operators"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A study by the <a href="/wiki/Australian_Securities_and_Investments_Commission" title="Australian Securities and Investments Commission">Australian Securities and Investments Commission</a> has identified three groups of operators that practice phoenix activity:<sup id="cite_ref-FOOTNOTECole2003118–119_2-0" class="reference"><a href="#cite_note-FOOTNOTECole2003118–119-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th>Group</th> <th>Description </th></tr> <tr valign="top"> <td>Innocent phoenix operators</td> <td>A business gets into a position of doubtful solvency or insolvency, and directors try and recover as much as possible from the business before it collapses. </td></tr> <tr valign="top"> <td>Occupational hazard</td> <td>The nature of the industry may potentially heighten the risk of phoenix activity. Once a company has collapsed, the operators of the business may have little option but to return to the same industry in the form of a new business. </td></tr> <tr valign="top"> <td>Careerist offenders</td> <td>These operators purposely structure their operations in order to engage in phoenix activity and to avoid detection. These offenders are often selective as to which debts they will pay throughout the life of the company. </td></tr></tbody></table> <p>Such activity can also be characterized as either "basic" (involving replacement of one entity by another) or "sophisticated" (which has regard for the intricacies of corporate groups, where management and directors may misuse the concept of the <a href="/wiki/Corporate_veil" class="mw-redirect" title="Corporate veil">corporate veil</a>).<sup id="cite_ref-FOOTNOTEMargretPeck2015109_1-1" class="reference"><a href="#cite_note-FOOTNOTEMargretPeck2015109-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Certain sectors see more frequent phoenix activity than others. In the <a href="/wiki/Event_management" title="Event management">events industry</a>, <a href="/wiki/Public_relations" title="Public relations">public relations</a> and <a href="/wiki/Marketing" title="Marketing">marketing</a> agencies are known to "phoenix" regularly.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Phoenix_scenarios">Phoenix scenarios</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=3" title="Edit section: Phoenix scenarios"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Phoenix activity is generally observed to occur through the following scenarios:<sup id="cite_ref-FOOTNOTERoach201096–97_4-0" class="reference"><a href="#cite_note-FOOTNOTERoach201096–97-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th>Group</th> <th>Description </th></tr> <tr valign="top"> <td>"One after the other"</td> <td>A closely held company is formed, which operates for a period of 6–24 months. During that time, it accumulates large debts, stalls creditors for as long as possible, and, when pressure becomes too great, it goes into liquidation. Another company, frequently with a very similar name, purchases the productive assets and takes over the operations of the failing company. Often the new company operates out of the same premises, with the same suppliers, employees and customers. </td></tr> <tr valign="top"> <td>Management company</td> <td>The productive assets are kept in a management company, which is kept solvent. A second labour supply company employs the workers and conducts the principal business operations. Profits are stripped from the second company through high rates charged for the use of the first company's assets, which leaves the second with insufficient funds to pay its liabilities. Eventually, the second company will be liquidated, with little to no capital reserves, and a new one will rise in its stead. </td></tr> <tr valign="top"> <td>Labour hire</td> <td>This structure utilizes a management company, a sales company and a labour hire company. The sales company receives all the income arising from the business, while the management company charges the sales company for the use of the assets. The labour hire company employs the workers, for which the net pay is reimbursed by the sales company but not the payroll deductions or taxes. Often the labour hire company is a façade, merely issuing payment summaries, while the sales company pays the workers directly. Eventually the labour hire company is forced into liquidation, while the underlying assets are preserved in the management company. </td></tr> <tr valign="top"> <td><a href="/wiki/Shadow_director" class="mw-redirect" title="Shadow director">Shadow directors</a></td> <td>Former directors can control a company through spouses, relatives and associates. There is little to prevent a disqualified director from giving advice as an employee of a successor company. </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Indicators_of_abuse">Indicators of abuse</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=4" title="Edit section: Indicators of abuse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The primary identifiers of abusive phoenix activity have been described as "a deliberate and often cyclical misuse of the corporate form accompanied by a fraudulent scheme to evade creditors".<sup id="cite_ref-:0_5-0" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Several common characteristics have been identified as indicating harmful phoenix activity:<sup id="cite_ref-FOOTNOTERoach201095–96_6-0" class="reference"><a href="#cite_note-FOOTNOTERoach201095–96-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <ol><li>the failed entity is formed with only a nominal share capital</li> <li>the failed entity is under-capitalized</li> <li>the directors/managers/controllers of the failed and successor company are the same</li> <li>the failed entity is trading whilst insolvent</li> <li>assets of the failed company are depleted shortly before the cessation of business</li> <li>the failed company makes preferential payments to key creditors to assure supply to the successor company</li> <li>the failed entity was operated to evade prior liabilities</li> <li>the successor company operates in the same industry</li> <li>the successor company trades with the same or similar name</li> <li>the successor company commences trading immediately prior to, or within 12 months of, the cessation of the failed entity</li> <li>assets of the failed company are transferred at below market value to the successor company</li> <li>many of the employees of the failed company are re-employed by the successor company</li></ol> <div class="mw-heading mw-heading2"><h2 id="United_Kingdom">United Kingdom</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=5" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Company_law" class="mw-redirect" title="Company law">Company law</a> in the UK has been formed to enable such activity in order to protect and promote <a href="/wiki/Entrepreneurship" title="Entrepreneurship">entrepreneurship</a>, by reducing risk and improving the chances of continued trading and <a href="/wiki/Business_development" title="Business development">business development</a>. The <a href="/wiki/National_Fraud_Authority" title="National Fraud Authority">National Fraud Authority</a> has observed that: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"> <p>It is perfectly legal to form a new company from the remains of a failed company. Any director of a failed company can become a director of a new company unless he or she is: </p> <dl><dd><ul><li>subject to a <a href="/wiki/Company_Directors_Disqualification_Act_1986" title="Company Directors Disqualification Act 1986">disqualification order or undertaking</a>;</li> <li>personally adjudged <a href="/wiki/Bankrupt" class="mw-redirect" title="Bankrupt">bankrupt</a>;</li> <li>subject to a <a href="/wiki/Enterprise_Act_2002" title="Enterprise Act 2002">bankruptcy restriction order or undertaking</a>.</li></ul></dd></dl></blockquote> <p>Other less scrupulous directors may undertake such activity in order to evade liabilities to workers that accrue from <a href="/w/index.php?title=Continuous_employment&action=edit&redlink=1" class="new" title="Continuous employment (page does not exist)">continuous employment</a>, such as the right to claim for <a href="/wiki/Unfair_dismissal" title="Unfair dismissal">unfair dismissal</a>, or to receive statutory <a href="/wiki/Redundancy_payment" class="mw-redirect" title="Redundancy payment">redundancy payments</a>. The <a href="/wiki/Employment_Appeal_Tribunal" title="Employment Appeal Tribunal">Employment Appeal Tribunal</a> has held that such moves are generally barred under s. 218 of the <a href="/wiki/Employment_Rights_Act_1996" title="Employment Rights Act 1996">Employment Rights Act 1996</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>The law allows the directors of a failed company to be reinstated in the same, or similar posts in the phoenix company, within limits. The <a href="/wiki/Company_Directors_Disqualification_Act_1986" title="Company Directors Disqualification Act 1986">Company Directors Disqualification Act 1986</a> prohibits directors whose conduct led to the insolvency of a company from taking on similar roles elsewhere for a prescribed length of time. <a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/216">S. 216</a> of the <a href="/wiki/Insolvency_Act_1986" title="Insolvency Act 1986">Insolvency Act 1986</a> provides for both criminal and civil liability where directors or shadow directors of a company that has entered into liquidation become a director, or otherwise involved in the formation or management of another company that operates under the same or a similar name to the insolvent one, within the following twelve months of such liquidation.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Remedies include petitioning the <a href="/wiki/High_Court_of_Justice" title="High Court of Justice">High Court</a> to wind up a company, as in the 2014 case of Pinecom Services Limited and Pine Commodities Ltd (which had continued a business previously shut down in the public interest).<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Criticism">Criticism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=6" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There has been criticism in both the media<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> and in Parliamentary quarters, as to the adverse effect on small to medium-sized suppliers to a failed company, whose position as creditors leaves them having to write off <a href="/wiki/Bad_debt" title="Bad debt">bad debt</a> from the former company, with the phoenix company having shed all <a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">liability</a> to cover the debt.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Moreover, the House of Commons' Business and Enterprise Select Committee also raised concerns that the law may "adversely affect competitors, who will continue to carry costs which the phoenix company has shed."<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Australia">Australia</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=7" title="Edit section: Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Phoenix activity was identified in government reports as early as 1994,<sup id="cite_ref-FOOTNOTEAnderson2012413_14-0" class="reference"><a href="#cite_note-FOOTNOTEAnderson2012413-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> and the 2003 Final Report of the <a href="/wiki/Royal_Commission_into_the_Building_and_Construction_Industry" title="Royal Commission into the Building and Construction Industry">Royal Commission into the Building and Construction Industry</a> devoted a chapter to its practice in that sector of the economy.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>It has attracted the attention of the <a href="/wiki/Australian_Securities_%26_Investments_Commission" class="mw-redirect" title="Australian Securities & Investments Commission">Australian Securities & Investments Commission</a>, the <a href="/wiki/Australian_Taxation_Office" title="Australian Taxation Office">Australian Taxation Office</a> and the <a href="/wiki/Fair_Work_Ombudsman" title="Fair Work Ombudsman">Fair Work Ombudsman</a>, who have been pursuing those undertaking such practices to evade liability under their respective statutes.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEAndersonHaller2014472–473_17-0" class="reference"><a href="#cite_note-FOOTNOTEAndersonHaller2014472–473-17"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Treasurer_of_Australia" title="Treasurer of Australia">Treasurer of Australia</a> issued proposals in 2009 on options to deal with fraudulent phoenix activity,<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Parliament_of_Australia" title="Parliament of Australia">Parliament of Australia</a> passed several Acts in 2012 as a result.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup> An exposure draft was also issued for comment on the question of whether to assign <a href="/wiki/Joint_and_several_liability" title="Joint and several liability">joint and several liability</a> to directors of phoenix companies in certain circumstances,<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> but limited legislation directed at illegal phoenix activity was passed.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> In 2015 two significant government reports were released that included a consideration of how best to address phoenix activity: the Productivity Commission Report <i>Business Set Up, Transfer and Closure,</i><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> and the Senate Economic References Committee Report: <i>I just want to be paid: Insolvency in the Australian Construction Industry.</i><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Despite the frequency and volume to attention given to phoenix activity by government and regulators, scholars note that "[t]here is no law in Australia that defines 'phoenix activity', nor declares it illegal";<sup id="cite_ref-:0_5-1" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> "phoenix activity is an operational term, not a legal one".<sup id="cite_ref-:0_5-2" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The economic cost of phoenix activity has been estimated in 1996 by the Australian Securities Commission,<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> and in 2012 by the Fair Work Ombudsman.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> While there is economic cost associated with all phoenix activity, the underlying behaviour is not always illegal and this makes estimating the economic costs associated with illegal phoenix activity extremely difficult.<sup id="cite_ref-:0_5-3" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Enforcement activity has been active under the <i>Corporations Act</i>: </p> <dl><dd><ul><li>Several significant cases have dealt with the liability of directors conducting such activity.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>d<span class="cite-bracket">]</span></a></sup></li> <li>In <i>ASIC v Somerville</i>,<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/New_South_Wales_Supreme_Court" class="mw-redirect" title="New South Wales Supreme Court">New South Wales Supreme Court</a>, in a significant extension of liability, found that a legal advisor was not just complicit in certain directors’ breaches of duty, but was in fact instrumental in structuring new companies into which the assets of various insolvent companies were transferred.<sup id="cite_ref-FOOTNOTEAndersonHaller2014473_29-0" class="reference"><a href="#cite_note-FOOTNOTEAndersonHaller2014473-29"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> ASIC only sought disqualification for the advisor, but there has been debate as to whether it should have also sought compensation for creditors or a penalty in the circumstances.<sup id="cite_ref-FOOTNOTEAndersonHaller2014490_30-0" class="reference"><a href="#cite_note-FOOTNOTEAndersonHaller2014490-30"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></li></ul></dd></dl> <p>The Fair Work Ombudsman has also investigated several high-profile cases:<sup id="cite_ref-FOOTNOTEAndersonHaller2014477_31-0" class="reference"><a href="#cite_note-FOOTNOTEAndersonHaller2014477-31"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <dl><dd><ul><li>An abattoir business in New South Wales was pursued several times: initially for closing a business, terminating the staff, and setting up a new one while refusing to rehire ex-employees who were union members;<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> and later for hiring workers through a separate subsidiary who worked for another connected company, and then draining the first company of funds after terminating several workers, before sending it into liquidation.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup></li> <li>A sole director of a transport company was fined for forcing a company into liquidation in order to avoid a claim by an employee for underpayment of wages.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li></ul></dd></dl> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/General_Motors" title="General Motors">General Motors</a>, an example of a phoenix company (<i>vis a vis</i> <a href="/wiki/Motors_Liquidation_Company" title="Motors Liquidation Company">Motors Liquidation Company</a>, the "original" General Motors).</li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=9" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFRoach2010" class="citation journal cs1">Roach, Murray (2010). <a rel="nofollow" class="external text" href="http://www.austlii.edu.au/au/journals/eJTR/2010/6.pdf">"Combating the Phoenix Phenomenon: An Analysis of International Approaches"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Combating+the+Phoenix+Phenomenon%3A+An+Analysis+of+International+Approaches&rft.date=2010&rft.aulast=Roach&rft.aufirst=Murray&rft_id=http%3A%2F%2Fwww.austlii.edu.au%2Fau%2Fjournals%2FeJTR%2F2010%2F6.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span> (2010) 8(2) eJournal of Tax Research 90</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAnderson2012" class="citation journal cs1">Anderson, Helen (2012). <a rel="nofollow" class="external text" href="http://www.austlii.edu.au/au/journals/SydLawRw/2012/20.pdf">"The Proposed Deterrence of Phoenix Activity: An Opportunity Lost?"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Proposed+Deterrence+of+Phoenix+Activity%3A+An+Opportunity+Lost%3F&rft.date=2012&rft.aulast=Anderson&rft.aufirst=Helen&rft_id=http%3A%2F%2Fwww.austlii.edu.au%2Fau%2Fjournals%2FSydLawRw%2F2012%2F20.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span> (2012) 34(3) Sydney Law Review 411.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndersonHaller2014" class="citation journal cs1">Anderson, Helen; Haller, Linda (2014). <a rel="nofollow" class="external text" href="http://www.austlii.edu.au/au/journals/SydLawRw/2014/21.pdf">"Phoenix Activity and the Liability of the Advisor"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Phoenix+Activity+and+the+Liability+of+the+Advisor&rft.date=2014&rft.aulast=Anderson&rft.aufirst=Helen&rft.au=Haller%2C+Linda&rft_id=http%3A%2F%2Fwww.austlii.edu.au%2Fau%2Fjournals%2FSydLawRw%2F2014%2F21.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span> (2014) 36(3) Sydney Law Review 471.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMargretPeck2015" class="citation book cs1">Margret, Julie E.; Peck, Geoffrey (2015). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=1lecBQAAQBAJ&pg=PA108">"6: Phoenix Activity - Companies in Crisis"</a>. <i>Fraud in Financial Statements</i>. Routledge. pp. 108–131. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-74270-2" title="Special:BookSources/978-0-415-74270-2"><bdi>978-0-415-74270-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=6%3A+Phoenix+Activity+-+Companies+in+Crisis&rft.btitle=Fraud+in+Financial+Statements&rft.pages=108-131&rft.pub=Routledge&rft.date=2015&rft.isbn=978-0-415-74270-2&rft.aulast=Margret&rft.aufirst=Julie+E.&rft.au=Peck%2C+Geoffrey&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D1lecBQAAQBAJ%26pg%3DPA108&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></li> <li>Matthew, Anne F. (2015). "<a rel="nofollow" class="external text" href="http://eprints.qut.edu.au/90962/">The Conundrum of Phoenix Activity: Is Further Reform Necessary?</a>" <i><a rel="nofollow" class="external text" href="http://legal.thomsonreuters.com.au/insolvency-law-journal-online-westlaw-au/productdetail/97173">Insolvency Law Journal</a></i> <b>23:</b> 116-135.</li> <li>Sewell, Ben (2020). <a rel="nofollow" class="external text" href="https://sklawyers.com.au/phoenix-activity/">"The Complete Guide to Illegal Phoenix Activity"</a> Sewell & Kettle Lawyers.</li> <li>Phoenix Recovery (2020) <a rel="nofollow" class="external text" href="https://www.phoenixcompany.co.uk/pre-pack-administration-faqs">"What is a Phoenix Company"</a> phoenixcompany.co.uk</li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=10" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Except where leave of the court has been granted, or prescribed circumstances are met, in which case <a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/uksi/1986/1925/group/2/part/4/chapter/22/made">Part 4, Chapter 22</a> of the <a href="/wiki/Insolvency_Rules_1986" class="mw-redirect" title="Insolvency Rules 1986">Insolvency Rules 1986</a> governs the manner in which notice must be given to creditors.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">being, respectively, the <i><a href="/wiki/Corporations_Act_2001" title="Corporations Act 2001">Corporations Act 2001</a></i>, the <a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">taxation</a> and <a href="/wiki/Superannuation_in_Australia" title="Superannuation in Australia">superannuation</a> statutes, and the <i><a href="/wiki/Fair_Work_Act_2009" title="Fair Work Act 2009">Fair Work Act 2009</a></i></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1"><a rel="nofollow" class="external text" href="http://www.comlaw.gov.au/Details/C2012A00048">Corporations Amendment (Phoenixing and Other Measures) Act 2012</a> (48). 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Corporations+Amendment+%28Phoenixing+and+Other+Measures%29+Act+2012&rft.date=2012&rft_id=http%3A%2F%2Fwww.comlaw.gov.au%2FDetails%2FC2012A00048&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span> and <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1"><a rel="nofollow" class="external text" href="http://www.comlaw.gov.au/Details/C2012A00099">Tax Laws Amendment (2012 Measures No. 2) Act 2012</a> (99). 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Tax+Laws+Amendment+%282012+Measures+No.+2%29+Act+2012&rft.date=2012&rft_id=http%3A%2F%2Fwww.comlaw.gov.au%2FDetails%2FC2012A00099&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><i>Jeffree v National Companies and Securities Commission</i>, [1990] WAR 183 (where a director transferred the business name and assets from one company to another, in order to avoid paying an arbitration award); <i>R v Heilbronn</i> <a rel="nofollow" class="external text" href="https://www.austlii.edu.au/au/cases/qld/QCA/1999/95.html">[1999] QCA 95</a>, (1999) 150 FLR 43 (26 March 1999) (where the director of a company with substantial sales tax liabilities stripped the company of its assets and transferred them to another company, and then to a third company, while carrying on the same business under the same trading name, and without adequate consideration being given in each transfer to satisfy outstanding liabilities).<sup id="cite_ref-FOOTNOTEAnderson2012420_26-0" class="reference"><a href="#cite_note-FOOTNOTEAnderson2012420-26"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=11" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-FOOTNOTEMargretPeck2015109-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEMargretPeck2015109_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEMargretPeck2015109_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFMargretPeck2015">Margret & Peck 2015</a>, p. 109.</span> </li> <li id="cite_note-FOOTNOTECole2003118–119-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTECole2003118–119_2-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFCole2003">Cole 2003</a>, pp. 118–119.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Quainton2008" class="citation web cs1">David Quainton (12 December 2008). <a rel="nofollow" class="external text" href="http://www.eventmagazine.co.uk/phoenixing-tempers-flare-phoenix-rises/business/article/869945">"Phoenixing: Tempers flare as the phoenix rises"</a>. Event Magazine.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Phoenixing%3A+Tempers+flare+as+the+phoenix+rises&rft.pub=Event+Magazine&rft.date=2008-12-12&rft.au=David+Quainton&rft_id=http%3A%2F%2Fwww.eventmagazine.co.uk%2Fphoenixing-tempers-flare-phoenix-rises%2Fbusiness%2Farticle%2F869945&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTERoach201096–97-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTERoach201096–97_4-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFRoach2010">Roach 2010</a>, pp. 96–97.</span> </li> <li id="cite_note-:0-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_5-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:0_5-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMatthew2015" class="citation journal cs1">Matthew, Anne F. (2015). <a rel="nofollow" class="external text" href="http://eprints.qut.edu.au/90962/">"The conundrum of phoenix activity: Is further reform necessary?"</a>. <i>Insolvency Law Journal</i>. <b>23</b>: 119<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Insolvency+Law+Journal&rft.atitle=The+conundrum+of+phoenix+activity%3A+Is+further+reform+necessary%3F&rft.volume=23&rft.pages=119&rft.date=2015&rft.aulast=Matthew&rft.aufirst=Anne+F.&rft_id=http%3A%2F%2Feprints.qut.edu.au%2F90962%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTERoach201095–96-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTERoach201095–96_6-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFRoach2010">Roach 2010</a>, pp. 95–96.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.thompsons.law.co.uk/ltext/123-workers-rights-insolvency.htm">"Workers' rights on insolvency"</a>. Thompsons Solicitors. 2 July 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Workers%27+rights+on+insolvency&rft.pub=Thompsons+Solicitors&rft.date=2009-07-02&rft_id=http%3A%2F%2Fwww.thompsons.law.co.uk%2Fltext%2F123-workers-rights-insolvency.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span>, discussing <i><a rel="nofollow" class="external text" href="http://www.bailii.org/uk/cases/UKEAT/2008/0241_08_1808.html">Da Silva Junior v Composite Mouldings & Design Ltd</a></i>, [2008] UKEAT 0241_08_1808 (18 August 2008)</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJim_Davies2005" class="citation magazine cs1">Jim Davies (4 March 2005). <a rel="nofollow" class="external text" href="http://www.accountancyage.com/aa/feature/1784910/stop-phoenix-rising-ashes">"Stop the phoenix rising from the ashes"</a>. <i><a href="/wiki/Accountancy_Age" title="Accountancy Age">Accountancy Age</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Accountancy+Age&rft.atitle=Stop+the+phoenix+rising+from+the+ashes&rft.date=2005-03-04&rft.au=Jim+Davies&rft_id=http%3A%2F%2Fwww.accountancyage.com%2Faa%2Ffeature%2F1784910%2Fstop-phoenix-rising-ashes&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/government/news/two-carbon-copy-companies-that-raked-in-nearly-2m-are-shut-down-after-insolvency-service-investigation">"Two carbon copy companies that raked in nearly £2m are shut down after Insolvency Service investigation"</a>. <a href="/wiki/Insolvency_Service" title="Insolvency Service">Insolvency Service</a>. 11 July 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Two+carbon+copy+companies+that+raked+in+nearly+%C2%A32m+are+shut+down+after+Insolvency+Service+investigation&rft.pub=Insolvency+Service&rft.date=2014-07-11&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fnews%2Ftwo-carbon-copy-companies-that-raked-in-nearly-2m-are-shut-down-after-insolvency-service-investigation&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMiller2006" class="citation news cs1">Miller, Robert (28 February 2006). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/yourbusiness/2933144/Phoenix-firms-spark-fly-by-night-fears.html">"Phoenix firms spark fly-by-night fears"</a>. <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Daily+Telegraph&rft.atitle=Phoenix+firms+spark+fly-by-night+fears&rft.date=2006-02-28&rft.aulast=Miller&rft.aufirst=Robert&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fyourbusiness%2F2933144%2FPhoenix-firms-spark-fly-by-night-fears.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fpb.org/press/january-2012/government-urged-re-think-decision-not-offer-creditors-more-legal-protection-">"Government urged to re-think decision not to offer creditors more legal protection from 'phoenix' companies"</a>. Forum for Private Business. 27 January 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Government+urged+to+re-think+decision+not+to+offer+creditors+more+legal+protection+from+%27phoenix%27+companies&rft.pub=Forum+for+Private+Business&rft.date=2012-01-27&rft_id=https%3A%2F%2Fwww.fpb.org%2Fpress%2Fjanuary-2012%2Fgovernment-urged-re-think-decision-not-offer-creditors-more-legal-protection-&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://publications.parliament.uk/pa/cm200809/cmselect/cmberr/198/19806.htm">"3: Confidence in the Insolvency Regime"</a>. <i>Sixth Report: The Insolvency Service</i>. Business and Enterprise Committee, House of Commons. 21 April 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=3%3A+Confidence+in+the+Insolvency+Regime&rft.btitle=Sixth+Report%3A+The+Insolvency+Service&rft.pub=Business+and+Enterprise+Committee%2C+House+of+Commons&rft.date=2009-04-21&rft_id=https%3A%2F%2Fpublications.parliament.uk%2Fpa%2Fcm200809%2Fcmselect%2Fcmberr%2F198%2F19806.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEAnderson2012413-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAnderson2012413_14-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAnderson2012">Anderson 2012</a>, p. 413.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCole2003" class="citation book cs1">Cole, Terence (2003). "12: Phoenix Companies". <a rel="nofollow" class="external text" href="http://www.royalcombci.gov.au/docs/finalreport/V08NatIss2_PressFinal.pdf"><i>Final Report</i></a> <span class="cs1-format">(PDF)</span>. Vol. 8. Canberra: <a href="/wiki/Royal_Commission_into_the_Building_and_Construction_Industry" title="Royal Commission into the Building and Construction Industry">Royal Commission into the Building and Construction Industry</a>. pp. 111–217. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-642-21080-2" title="Special:BookSources/0-642-21080-2"><bdi>0-642-21080-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=12%3A+Phoenix+Companies&rft.btitle=Final+Report&rft.place=Canberra&rft.pages=111-217&rft.pub=Royal+Commission+into+the+Building+and+Construction+Industry&rft.date=2003&rft.isbn=0-642-21080-2&rft.aulast=Cole&rft.aufirst=Terence&rft_id=http%3A%2F%2Fwww.royalcombci.gov.au%2Fdocs%2Ffinalreport%2FV08NatIss2_PressFinal.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEAndersonHaller2014472–473-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAndersonHaller2014472–473_17-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAndersonHaller2014">Anderson & Haller 2014</a>, pp. 472–473.</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="http://archive.treasury.gov.au/documents/1647/PDF/Phoenix_Proposal_Paper.pdf"><i>Actions against Fraudulent Phoenix Activity: Proposals Paper</i></a> <span class="cs1-format">(PDF)</span>. Canberra: Commonwealth of Australia. 2009. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-642-74528-6" title="Special:BookSources/978-0-642-74528-6"><bdi>978-0-642-74528-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Actions+against+Fraudulent+Phoenix+Activity%3A+Proposals+Paper&rft.place=Canberra&rft.pub=Commonwealth+of+Australia&rft.date=2009&rft.isbn=978-0-642-74528-6&rft_id=http%3A%2F%2Farchive.treasury.gov.au%2Fdocuments%2F1647%2FPDF%2FPhoenix_Proposal_Paper.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2011/Corporations-Amendment-Similar-Names-Bill-2012">"Exposure Draft: Corporations Amendment (Similar Names) Bill 2012"</a>. <a href="/wiki/Department_of_the_Treasury_(Australia)" class="mw-redirect" title="Department of the Treasury (Australia)">The Treasury</a>. 20 December 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Exposure+Draft%3A+Corporations+Amendment+%28Similar+Names%29+Bill+2012&rft.pub=The+Treasury&rft.date=2011-12-20&rft_id=http%3A%2F%2Fwww.treasury.gov.au%2FConsultationsandReviews%2FConsultations%2F2011%2FCorporations-Amendment-Similar-Names-Bill-2012&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><i>Corporations Amendment (Phoenixing and Other Measures) Act 2012</i> (Cth)</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>Business Set up, Transfer and Closure</i>. Australian Government, Productivity Commission. 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Business+Set+up%2C+Transfer+and+Closure&rft.pub=Australian+Government%2C+Productivity+Commission&rft.date=2015&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Australia, Senate Economic References Committee, December 2015.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>Phoenix Companies and Insolvent Trading Research Paper No 95/01</i>. Australian Securities Commission. 1996.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Phoenix+Companies+and+Insolvent+Trading+Research+Paper+No+95%2F01&rft.pub=Australian+Securities+Commission&rft.date=1996&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://www.fairwork.gov.au/about-us/access-accountability-and-reporting/research-reports"><i>Phoenix Activity: Sizing the Problem and Matching Solutions</i></a>. Fair Work Ombudsman. 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Phoenix+Activity%3A+Sizing+the+Problem+and+Matching+Solutions&rft.pub=Fair+Work+Ombudsman&rft.date=2012&rft_id=https%3A%2F%2Fwww.fairwork.gov.au%2Fabout-us%2Faccess-accountability-and-reporting%2Fresearch-reports&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEAnderson2012420-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAnderson2012420_26-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAnderson2012">Anderson 2012</a>, p. 420.</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><i>ASIC v Somerville & Ors</i> <a rel="nofollow" class="external text" href="https://www.austlii.edu.au/au/cases/nsw/NSWSC/2009/934.html">[2009] NSWSC 934</a>, 77 NSWLR 110 (8 September 2009)</span> </li> <li id="cite_note-FOOTNOTEAndersonHaller2014473-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAndersonHaller2014473_29-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAndersonHaller2014">Anderson & Haller 2014</a>, p. 473.</span> </li> <li id="cite_note-FOOTNOTEAndersonHaller2014490-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAndersonHaller2014490_30-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAndersonHaller2014">Anderson & Haller 2014</a>, p. 490.</span> </li> <li id="cite_note-FOOTNOTEAndersonHaller2014477-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEAndersonHaller2014477_31-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFAndersonHaller2014">Anderson & Haller 2014</a>, p. 477.</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><i>Fair Work Ombudsman v Ramsey Food Processing Pty Ltd</i> <a rel="nofollow" class="external text" href="https://www.austlii.edu.au/au/cases/cth/FCA/2011/1176.html">[2011] FCA 1176</a> (19 October 2011)</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><i>Fair Work Ombudsman v Ramsey Food Processing Pty Ltd (No 2)</i> <a rel="nofollow" class="external text" href="https://www.austlii.edu.au/au/cases/cth/FCA/2012/408.html">[2012] FCA 408</a> (20 April 2012)</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><i>Fair Work Ombudsman v Foure Mile Pty Ltd & Anor</i> <a rel="nofollow" class="external text" href="https://www.austlii.edu.au/au/cases/cth/FCCA/2013/682.html">[2013] FCCA 682</a> (28 June 2013)</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Phoenix_company&action=edit&section=12" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFReena_Popat2013" class="citation web cs1">Reena Popat (6 January 2013). <a rel="nofollow" class="external text" href="http://www.darlingtons.com/blog/what-is-a-phoenix-company/">"What is a phoenix company?"</a>. London: Darlingtons.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+a+phoenix+company%3F&rft.place=London&rft.pub=Darlingtons&rft.date=2013-01-06&rft.au=Reena+Popat&rft_id=http%3A%2F%2Fwww.darlingtons.com%2Fblog%2Fwhat-is-a-phoenix-company%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APhoenix+company" class="Z3988"></span></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Phoenix_company&oldid=1096342633">https://en.wikipedia.org/w/index.php?title=Phoenix_company&oldid=1096342633</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Category</a>: <ul><li><a href="/wiki/Category:Bankruptcy_in_the_United_Kingdom" title="Category:Bankruptcy in the United Kingdom">Bankruptcy in the United Kingdom</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Use_dmy_dates_from_April_2022" title="Category:Use dmy dates from April 2022">Use dmy dates from April 2022</a></li><li><a href="/wiki/Category:CS1_errors:_missing_periodical" title="Category:CS1 errors: missing periodical">CS1 errors: missing periodical</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 3 July 2022, at 21:32<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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