ATO Focus Remains on Pre-Insolvency Industry

Articles, Restructuring + Insolvency

In a recent press release, the ATO has confirmed its officers have been continuing their work to stamp out illegal phoenix activity with a number of access visits occurring without notice during April 2017.

The Phoenix Task Force, which consists of more than 20 agencies within the Federal, State and Territory governments targets illegal phoenix activity by the collaborative sharing of information and resources to identify activity and undertake enforcement action.

The action follows previous access visits undertaken in August 2016, which involved some 120 officers (both from  the ATO and ASIC) accessing 13 businesses and residential locations.

The Phoenix Task Force’s actions to date in carrying out these activities with a view to stamping out illegal phoenix activity, with a particular focus on those operating with the ‘pre-insolvency’ arena, is a clear indication of the commitment of organisations like the ATO to eradicating the practice which has so many negative impacts for creditors of insolvent companies and the economy generally.

Form more information, contact ERA Legal.

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