Question is: Can the current legislation that is in place currently in Australia able to combat phoenix activity.
The relevant legislative provisions to possible phoenix company and breach of directors’ duties are contained in the following sections of the Corporations Act 2001 (“the Act”):
i. Sections 180 – 183 inclusive – general director duties;
ii. Section 588FB of the Act – uncommercial transactions;
iii. Section 588FC – insolvent transactions;
iv. Section 588FE – voidable transactions;
v. Section 588FH – liquidator may recover from related entity benefit resulting from insolvent transaction;
vi. Section 588G – director’s duty to prevent insolvent trading by company;
vii. Section 592 – incurring of certain debts; fraudulent conduct;
viii. Section 596 – frauds by officers
This is just a guide line if other sections are found and cases can use them also new recommendations
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